ALGERIA: Energy ministers from Algeria, Russia and Qatar attend opening of exhibition in Oran

Record ID: 573888

  • Title: ALGERIA: Energy ministers from Algeria, Russia and Qatar attend opening of exhibition in Oran
  • Date: 20th April 2010
  • Summary: ORAN, ALGERIA (APRIL 18, 2010) (REUTERS) (*** FLASH PHOTOGRAPHY ***) WIDE VIEW OF GAS STALLS AT EXHIBITION TOTAL STALL IN EXHIBITION HALL MAP OF ALGERIA ALGERIAN MINISTER OF ENERGY CHAKIB KHALIL AND ABDULLAH AL-ATTIYAH, THE QATARI MINISTER OF ENERGY, WALKING ALGERIAN MINISTER OF ENERGY CHAKIB KHALIL, ABDULLAH AL-ATTIYAH, THE QATARI MINISTER OF ENERGY, AND RUSSIAN ENERGY MINISTER SERGEI SHMATKO TALKING TO EXHIBITORS (SOUNDBITE) (Arabic) ABDULLAH AL-ATTIYAH, QATARI MINISTER OF ENERGY, SAYING: "In this Congress, it must be cooperation between the countries which export the gas in order to establish fair prices for the gas. We feel that the gas prices are not fair and it must be related to the petroleum prices in order to stabilise the gas prices. We will talk about all the situations which will permit us to establish fair gas prices and especially it must be related to the petroleum prices." QATAR PETROLEUM STALL AT EXHIBIT GAZPROM STALL IN EXHIBITION HALL VARIOUS OF STALLS AND PEOPLE WALKING THROUGH HALL EXXON MOBIL STALL IN EXHIBITION HALL MORE OF STALLS ALGERIAN MINISTER OF ENERGY CHAKIB KHALIL, ABDULLAH AL-ATTIYAH, THE QATARI MINISTER OF ENERGY, AND RUSSIAN ENERGY MINISTER SERGEI SHMATKO SEATED INSIDE HALL
  • Embargoed: 5th May 2010 13:00
  • Keywords:
  • Location: Algeria
  • Country: Algeria
  • Topics: International Relations,Energy
  • Reuters ID: LVA6IA45LGNNGNZV192ZJHJ6HQJ3
  • Story Text: Qatar's energy minister Abdullah al-Attiyah on Sunday (April 18) said gas prices should be more closely connected to oil prices, which hit an 18-month high earlier in April.
    "We feel that the gas prices are not fair and it must be related to the petroleum prices in order to stabilise the gas prices. We will talk about all the situations which will permit us to establish fair gas prices and especially it must be related to the petroleum prices," he told reporters in Algeria's Mediterranean resort of Oran, where holders of 70 percent of the world's gas reserves were set to meet on Monday (April 19).
    Algeria's Energy Minister Chakib Khelil said on Saturday (April 17) the group needed to find an appropriate gas price for consumers and producers. He has warned consumers could face a supply crunch later due to low prices now as producers avoid investment in new supplies.
    Qatar is the world's largest LNG exporter, and is also a member of the Gas Exporting Countries Forum (GECF).
    Russian Energy Minister Sergei Shmatko stopped short of calling for other members of the GECF to reduce spot sales, a plan that host country Algeria aims to put before the forum's 11 members on Monday.
    A glut in global gas supplies has depressed prices in spot markets, so consumers have looked to reduce what they purchase on long-term contracts to instead buy as much as they can in the open market.
    The GECF has never before coordinated supply policy, but analysts say the pain from low prices may force them to consider action.
    New supplies from unconventional sources in the United States combined with a fall in demand due to the global economic downturn have hit gas producers' export income.
    The GECF's final communique after the meeting would register ministers' concern about the gas market and the need to draft a consolidated approach, Shmatko said. But he gave no more detail on what that approach would be.
    Most of Europe's gas is delivered on long-term contracts through pipelines.
    Globally, an increasing volume is being shipped as liquefied natural gas (LNG). LNG suppliers have more flexibility to target the best-paying spot markets for delivery of their cargoes of gas chilled to liquid form for exports on specially designed ships.
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