MOSCOW, Dec. 22 (UPI) -- Executives with Russian energy monopoly Gazprom said there should be no corollary between an international gas cartel and the international oil cartel.
Alexander Medvedev, Gazprom's deputy chief, said the Gas Exporting Countries Forum cartel should not be viewed in the same light as the Organization of Petroleum Exporting Countries, Trend Capital News reported.
"There is no sense to draw an analogy between the forum of gas exporting countries and the oil OPEC," Medvedev said.
His comments come as Gazprom said it hoped St. Petersburg would serve as the administrative hub of the GECF for 2009.
Russia, Iran and other leading natural gas producers held their first ministerial meetings for the GECF in Tehran in 2001. It was established as a forum to boost cooperation among member states.
Medvedev said the GECF makes decisions based on long-term deals between contractual parties, while OPEC decisions are made based on production quotas tied to market conditions.
