Rouhani, who was speaking at the opening ceremony of the GECF summit in Tehran, said the Forum has been established to protect the interests of all member states.

He said the GECF is also meant to facilitate cooperation among member states in several technical aspects of the industry such as exploration, production and trade of natural gas.

Rouhani further emphasized the need for the GECF to devise coordinated policies to increase the share of natural gas in the global energy basket and also promote the position of this crucial fuel in energy markets across the world.

This, he said, is specifically necessary given that the consumption of natural gas is expected to witness a significant surge over the next decades.

Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.

This is the third summit of GECF countries, coming in the midst of changing dynamics in the global gas market and an imminent removal of US-led sanctions on Iran.

Previous GECF summits were held in Qatar in 2011 and in Moscow in 2013; Press TV reported.

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