Iran is proposing the creation of an organization for the regulation of natural gas production, much like OPEC, according to Thomson Financial.

Iran’s Ambassador to Russia Gholamreza Ansari told Russian media, «We think that the main gas producers should create such an organization as soon as possible. This could be useful for both gas producers and gas consumers.»

The charter for the proposed «OGEC» is backed by a consortium of gas-producing countries, led by Russia and Iran. The charter would be submitted for approval at the seventh annual Gas Exporting Countries Forum held in Moscow in June.

The Tehran Times reports that a draft of the charter was drawn up by Iran in 2007.

Russia has the world’s largest gas reserves, and Iran has the world’s second-largest gas reserves, according to the International Energy Administration.