"We would be glad to host this organization in the Russian Federation ... and are ready to give it diplomatic status and cover related expenses," Vladimir Putin said at the seventh ministerial meeting of the Gas Exporting Countries Forum (GECF).
The GECF was established in Tehran in 2001 and includes Russia, Iran and other leading gas exporters. Its members account for about 73% of the world's gas reserves and 42% of production.
Putin said the era of inexpensive natural gas was coming to an end. He said gas deposits were being depleted and new fields lay in remote areas, where extraction and transportation would be more expensive.
"This means ... that despite the current financial difficulties, the era of cheap energy resources, cheap gas, is coming to an end," the premier said.
Putin said the global financial crisis would affect the natural gas sector more than the oil sector, adding that this was a serious test for the world's oil and gas industry.
"In August to November 2008 oil prices fell four-fold. This naturally affected the state of the gas market, prices on which are pegged to oil prices," he said.
Putin added that the work of GECF is legal and does not run counter to any international norms.
An Egyptian representative proposed holding the 8th regular ministerial meeting of the GECF in Egypt.
"I would like to propose holding the next ministerial conference in Egypt. We would be glad if you accepted our invitation," said Ismail Karara, first undersecretary for gas issues of the Egyptian Petroleum Ministry.
