• USD 56.52 +0.17
  • EUR 63.16 +0.13
  • BRENT 54.03

Gazprom files lawsuit against Turkmenistan demanding it to change gas supply terms

Photo: gazprom.ru

Gazprom has lodged a lawsuit against Turkmenistan demanding a change in the gas supply terms. The Stockholm Arbitration Court has already received the lawsuit. The key demand of the Russian company is revision of the contract terms concerning the supply price.

For the time being, Gazprom receives gas from Turkmenistan under the agreements dating back to 2003 that provide for gas supply for a period of 25 years at about $240 per 1000 cubic meters. The document provided for supply of 10 billion cubic meters of gas annually, but Gazprom has already warned that it will cap its gas procurement to 4 billion cubic meters in 2015 in view of its own gas surplus. In July, Turkmengaz came out with quite sharp statements against Gazprom calling it an insolvent company.   The Turkmen company said Gazprom fails to pay for the gas supplied to it. The allegations were rephrased later and the Russian company was blamed for a partial payment for the gas supplies.  No amounts were reported, however.

EADaily reported earlier, the analysts in the gas field say Turkmenistan makes allegations against Gazprom as the Russian company is keen to refuse from gas purchases from that country.  Gazprom no longer needs the Turkmen gas and it has notified Turkmenistan of its intention to halt the purchases gradually within the coming years.  This is what sparked the harsh criticism of Gazprom by Turkmengaz.  In response, Gazprom filed a lawsuit to the Stockholm Arbitration Court and Turkmenistan may face even more loss in income from the gas export.

All news

23.05.2017

22.05.2017

20.05.2017

17.05.2017

16.05.2017

15.05.2017

13.05.2017

11.05.2017

10.05.2017

08.05.2017

04.05.2017

02.05.2017

01.05.2017

29.04.2017

28.04.2017

27.04.2017

25.04.2017

24.04.2017

20.04.2017

19.04.2017

18.04.2017

17.04.2017

15.04.2017

Show more news
Facebook
Twitter
Socials
Information
Press «Like», to read
EurAsia Daily in Facebook
Press «Follow», to read
EurAsia Daily in VK
Thank you, don't show this to me again