OREANDA-NEWS. The Gas Exporting Countries Forum (GECF) met today in Moscow, capital of the Russian Federation. It was an extraordinary meeting of this organism, which coordinates gas hydrocarbons policy, prior to the Second Summit of Heads of State and/or Government to take place July 1 at the same city and which the Venezuelan Head of State Nicolas Maduro is expected to attend.

GECF is a technical institution for the exchange of information, constituted formally before the United Nations since 2010, which purpose is the defense of sovereignty over the natural resources of its members, and their abilities to manage and plan independently their sustainable, efficient and environmentally aware development of natural gas to the benefit of their peoples.

During the meeting of Heads of State, they will evaluate the impact that the economic recession, in effect since 2008, may have on the availability of financing for investments. This could have a direct impact on new gas developments; technological progress achieved by member nations; as well as the need to create price defense mechanisms.

GECF has held 14 ministerial meetings to date, the most recent one in Equatorial Guinea, in November 2012. This is GECF's First Extraordinary Ministerial Meeting. The officials that attended the meeting agreed to present before the Heads of State a proposal for the city of Teheran, Iran to host the Fifteenth Ministerial Meeting in November of this year.

Energy ministers and high-ranking officials attended this meeting from the 13 member nations: Algeria, Bolivia, Egypt, United Arab Emirates, Equatorial Guinea, Iran, Libya, Nigeria, Oman, Qatar, Russia, Trinidad and Tobago and Venezuela.

The natural gas reserves of GECF countries amount to more than 4 thousand 650 trillion cubic feet , which represents 63 percent of total world reserves of this hydrocarbon.