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Russia hosts gas exporters summit Russia hosts gas exporters summit
(20 minutes later)
Ministers from more than 10 gas-exporting countries have gathered in Moscow to discuss closer cooperation. Ministers from more than 10 gas-exporting countries have gathered in Moscow to discuss closer co-operation.
Countries represented include Iran and Libya as well as Russia - all members of the Gas Exporting Countries' Forum. Countries represented include Iran and Libya, as well as Russia - all members of the Gas Exporting Countries Forum.
The gathering has led to suggestions that they want to set up an organisation similar to OPEC, which represents oil producers. The gathering in the Russian capital has led to suggestions that they want to set up an organisation similar to the oil producers' cartel, Opec.
Russia said delegates would agree on a charter that would make the GECF a more formal organisation. Russian officials said delegates would agree on a charter that would make the GECF a more formal organisation.
Russian officials said a number of issues will be on the agenda, including possible future cuts in gas production and the effect of lower oil prices. A number of issues would be on the agenda, including possible future cuts in gas production and the effect of lower oil prices, they added.
Russia's Prime Minister Vladimir Putin will attend the forum while President Dmitry Medvedev will host a dinner for delegates at the Kremlin. Russian Prime Minister Vladimir Putin will attend the forum, while President Dmitry Medvedev will host a dinner for delegates at the Kremlin.
There are concerns among gas importing nations that the group could eventually set quotas for gas in the same way as OPEC does for oil. There are concerns among gas-importing nations that the GECF could eventually set quotas for gas in the same way as Opec does for oil.
However industry analysts say technical differences between the oil and gas markets make that unlikely for now.However industry analysts say technical differences between the oil and gas markets make that unlikely for now.
The meeting comes as Russia remains locked in a dispute with gas importer Ukraine over non-payment of debts. The meeting comes as Russia remains locked in a dispute with Ukraine over non-payment of debts.
Russia's gas giant, Gazprom says Ukraine owes $2bn (£1.4bn) and has warned it may cut off gas supplies next month if the dispute remains unresolved. The Russian gas company, Gazprom, says Ukraine owes it $2bn (£1.4bn) and has warned it may cut off gas supplies next month if the dispute remains unresolved.
A similar dispute three years ago saw Russia briefly cutting gas deliveries to Ukraine, action that also affected supplies to several western European countries. A similar dispute three years ago saw Russia briefly cutting gas deliveries to its neighbour, action that also affected supplies to several western European countries.