The Gas Exporting Countries' Forum (GECF) has slammed the imposition of sanctions against its members in a final communique from its fourth heads of state summit held in Bolivia last week.
The GECF -- made up of the world's biggest gas exporters including the big hitters Russia, Qatar and Iran -- holds around 60% of the world's proven gas reserves and although it is more of an advisory forum than one that takes action, the comments on sanctions stand out.
In the declaration, the GECF said it expressed its "deep concern" about the extra-territorial application of laws and regulations, and its objection to unilateral economic sanctions in the gas sector, particularly against its member countries.
The US in August passed a new sanctions law that gave President Donald Trump the power to impose measures against companies investing in Russian energy export infrastructure.
Heads of state and members of government from the member countries convened the week-long summit in Santa Cruz de la Sierra.
There has been speculation over the past decade that the GECF could morph into a "Gas OPEC" with the power to manage markets through supply intervention, but the group has insisted its role is to promote gas and encourage cooperation.
OIL INDEXATION
According to the final declaration, the GECF also pledged to promote the use of long-term contracts despite a growing trend in the global gas industry for shorter-term and spot gas buying.
The GECF resolved to "develop and implement coordinated policies and actions among GECF member countries to promote the long-term gas contracts necessary for financing gas projects."
As well as a stated aim to continue with long-term contracts, the GECF also pledged to stick with the pursuance of oil-linked pricing.
It said it would "pursue equitable risk-sharing approach to the issue of gas pricing mechanism with the linkage to crude oil and its products to ensure a fair price for gas."
It also emphasized the importance of gas in the global energy mix and in building climate-resilient economies in line with the Paris Agreement.
Other declarations include:
* To promote policies and regulations that facilitate gas trans-border trade
* To promote the use of gas in transport and industry
* To strengthen the GECF as a platform to plan, coordinate positions and advance both the profile and the cause of the Forum in the global energy context
* To promote and develop effective channels of dialogue between producers and consumers of gas
* To strengthen and improve the analysis, technology transfer, training, research and development of the gas industry, through cooperation and coordination among GECF member countries, in particular through the Gas Research Institute in Algeria.
The next summit will be held in Equatorial Guinea in 2019.
