Iran-Venezuela mull expanding economic cooperation

The Minister of Oil of the Islamic Republic of Iran and the Minister of Foreign Affairs of Venezuela stressed the continuation of bilateral cooperation in all fields, especially the paving the ground for of developing new economic areas.

The meeting started on Sunday and will continue until Tuesday.

Iran is one of the world's largest gas producers and one of the founders of GECF, which has also served as its secretary-general for two terms.

The Iranian Oil Minister traveled to Doha, Qatar to accompany the President of the Islamic Republic of Iran to attend the sixth meeting of the Gas Exporting Countries Forum (GECF).

Members of the Gas Exporting Countries Forum control 44% of world gas production, 60% of world gas reserves, 64% of pipeline gas transmission, and 66% of liquefied natural gas (LNG) trade.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela are the 11 main GECF members, and the Netherlands, Norway, Iraq, Oman, Peru, the Republic of Azerbaijan, and the UAE participate as observer members in GECF.

GECF is a newly established organization established on December 23, 2008, by Iran, Russia, Qatar, and a number of other gas exporting countries.

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