Moscow - Russia, Iran and Qatar are to enter into a joint venture to produce and export gas as officials of the three leading producers meet for gas cooperation talks on Wednesday in Doha, a Russian business daily reported. Kommersant said the so-called "gas troika" would build a pipeline to pump gas from Iran's South Pars deposit, the world's largest, to be processed at a plant in Qatar, citing a Russian government official.
Analysts expect the project to be worth an estimated 4 billion dollars.
Russian export monopoly Gazprom, Iran's National Oil Company and Qatar Liquefied Gas Company would hold 30 per cent each in the venture. Another 10 per cent stake will be reserved for the most likely clients in China or South Korea, the paper said, citing analysts.
A Gazprom source confirmed the plans to news agency Ria-Novosti reported.
Iran has previously denied Gazprom revenue from exporting gas from South Pars where it is involved in development, but that could change with this project, Kommersant said.
Russia, Iran and Qatar - ranked first, second and third respectively in world gas reserves - agreed to increase cooperation at a meeting in Tehran last month.
The decision sparked fears among consumer that the so-called Gas Troika plans an OPEC-style gas cartel to influence global gas prices.
Russian Prime Minister Vladimir Putin sought to ease concerns Tuesday over the talks in Doha, ruling out plans to form a cartel.
"We are aware of the concerns and even fears voiced by some energy consumers. There are absolutely no grounds for such fears. We are not establishing a cartel, nor are we striking any cartel deals," Putin said.
Experts say there is little substance to gas cartel modeled on OPEC because gas contracts are often signed over the long-term and exporters cannot cut pipeline supplies as with oil. But exporting countries could share industry knowledge, they said.
Other major world gas exporters such as Norway and Algeria have so far also stayed aloof from the planned gas forum.
