Major events in Caspian countries' oil and gas industry for last week (July 13-17)

Analysis Materials 22 July 2015 12:10 (UTC +04:00)

Russia's Gazprom neglects its contract obligations, says Turkmenistan

Gazprom Export LLC (100-percent subsidiary of Russia's Gazprom company) doesn't pay the remaining money for the actually delivered Turkmen natural gas, without explaining the reason, Turkmenistan's Ministry of Oil and Gas Industry and Mineral Resources said.

"It is not clear for Turkmen side why Russia's energy giant doesn't fully pay for the received gas," said the ministry, adding that apparently, the company is undergoing hard times financially.

Russia's Gazprom JSC neglects its contract obligations, said Turkmenistan's ministry.

This is while Turkmengaz state concern for its part consistently fulfills its contract obligations by regularly supplying the agreed volumes of Turkmen natural gas, said the Ministry of Oil and Gas Industry and Mineral Resources.

However, it suffers huge losses due to the created infrastructure and production facilities for ensuring the contracted volumes, according to the ministry.

Another step towards Trans-Caspian Pipeline project implementation

Another step towards the implementation of the Trans-Caspian pipeline project has been made - the first high level meeting of the Working Group on the project was held in Brussels. The source at the European Commission didn't give any concrete details on the meeting and the schedule of the next one.

However, the source added that the meeting followed-up discussions on the joint statement on the development of cooperation in the field of energy between Turkmenistan, Azerbaijan, Turkey and the EU, which was adopted in Ashgabat on 1 May 2015.

The Working Group which was established at the level of deputy ministers in charge of energy sphere of Turkmenistan, Azerbaijan, Turkey and the EU, considers organizational, legal, commercial, technical and other issues, related to natural gas supply from Turkmenistan to Europe.