Putin urges not to abandon take or pay principle on gas market
Baku, Azerbaijan, Nov. 23
Russian President Vladimir Putin highlighted the importance of the long-term contracts and the take or pay principle for the stability of the gas market and drawing investments.
President Putin made the statement at the Gas Exporting Countries Forum (GECF) in Tehran, Russia 24 TV channel reported.
"I think it is important for the participants of the gas market to show solidarity," President Putin said.
GECF is similar to the Organization of Petroleum Exporting Countries. It is often called as "gas OPEC". It brings together the world leading countries in the export of natural gas (approximately 45 percent of the world gas exports). GECF members are Russia, Algeria, Bolivia, Venezuela, Egypt, Iran, Qatar, Libya, Nigeria, the United Arab Emirates, Trinidad and Tobago, Equatorial Guinea. Moreover, six countries, namely Oman, the Netherlands, Peru, Norway, Kazakhstan and Iraq, are observers.