05.07.2009

Russia, Iran and Qatar, the three largest gas exporting countries, have stated that they will examine the option of setting up a cartel of gas exporting countries similar to OPEC, although analysts predict that this will not have a significant impact on the global gas sector. According to estimations these three countries hold about 55% of global natural gas reserves: 25% in Russia, 16% in Iran and the rest in Qatar. Experts say there is little substance in modeling a gas cartel on OPEC because natural gas contracts are often signed over the long term and differ significantly in exporting methods and prices from country to country. On 24th December 2008 the 15 largest natural gas exporting countries signed a charter to coordinate their forecasts, investments and links with consumers in order to safeguard their interests in light of the continuing fluctuations in the price of energy. The group’s office will be initially set up in Doha, Qatar.

A colorless, odorless gas formed when carbon in fuel is not burned completely. Motor vehicle exhaust is a major contributor to nationwide CO emissions, followed by nonroad engines and vehicles. CO interferes with the blood’s ability to carry oxygen to the body’s tissues and results in numerous adverse health effects

Non-toxic, naturally occurring gas. Also a byproduct of burning fossil fuels. One of the greenhouse gases that affects the Earth’s temperature

In the energy industry, this refers to the practice of granting special treatment to large or desirable customers at the expense of small or undesirable customers. In the energy industry, small customers often combat cherry-picking by aggregating themselves into a single large customer

Operates one-way and prevents the reverse flow of oil. Check valves are designed to be held open by flowing oil and to drop closed automatically when oil flow stops or is reversed

Voyage charter (spot), C.O.A., time charter, bareboat.

Charter Rate is the agreed cost of hiring a tanker. Spot charter rates, mostly negotiated in worldscale terms, are tariffs for the carriage of a single cargo from one specified port to another (including the return ballast journey) in the immediate future (generally within the next six weeks). Spot rates typically include all expenses of operating the vessel, from fuel to crew, but exclude costs related to the cargo (e.g. inspection fees). Time charter rates are a daily rate of hire over a fixed period, in which tanker owners pay for vessel expenses (such as maintenance and vessel insurance) and the charterer pays for voyage costs (such as bunkers).