Russia, Iran to continue coordinated actions on oil market
MOSCOW. March 28 (Interfax) - Russia and Iran will continue joint work on coordinating action with the other oil producing countries to stabilize the oil market, says a joint statement by Russian President Vladimir Putin and Iranian President Hassan Rouhani, who held a meeting on Tuesday.
"Particular attention was paid to broadening cooperation in the area of oil and gas, including projects for the exploration, production and transportation of oil and gas in Iran and in third countries, technology transfers, swap operations and building the corresponding infrastructure," the statement says.
They also agreed to continue constructive joint work within the Gas Exporting Countries Forum (GECF), whose goal is to achieve a fair balance between the interests of gas producers and consumers and to expand the uses of this economically effective and environmentally clean fuel in global energy consumption, which will help to lower greenhouse gas emissions.
The GECF has 12 member states, including Russia, Iran, Algeria, Bolivia, Egypt, Qatar, Libya, Nigeria, UAE, Trinidad and Tobago, Venezuela and Equatorial Guinea and seven observer states: Oman, the Netherlands, Peru, Norway, Kazakhstan, Iraq and Azerbaijan. GECF ministerial meetings are held regularly. The member states account for about 67% of the world's proven gas reserves.