The GECF was formed in Tehran last year and already has 15 members, who control about 73 per cent of world's known natural gas reserves. Its primary aim is to ensure the orderly development of global gas industry.

OPEC has forecasted that demand for gas would grow dramatically in the next two decades from about 22.7% of global primary energy demand to 29.1% by 2020. Much of the demand will be driven by environmental concerns over high carbon emissions from fuels such as oil and coal.