Mikhelson does not believe in idea of gas market regulation, 'not needed at moment'

MURMANSK. Oct 18 (Interfax) - The idea of creating a "gas OPEC" is unlikely to be realized in the next ten years, although there are rational grounds for regulation of the market by producing countries, Novatek chief Leonid Mikhelson said.

"Of course there a [rationale]" he said, expressing doubt that the largest LNG producing countries in the world - Qatar, the U.S., Australia and Russia - would be able to agree on production limitations or swap deliveries.

"As far as a gas OPEC, I don't think we can talk about it in the next ten years. Still, there are these three centers today - Australia, America, Qatar, and us. I think there will be competition, and thank God for that," said Mikhelson, noting that excessively high prices for gas, as is the case now, will lead to a reduction of its share in the energy balance by consuming countries.

Qatar [the largest LNG producer in the world] understands that gas is an intermediate product in the energy transition to renewables and hydrogen, and that while there are gas reserves, they should be monetized.