Turkmenistan pronounced Gazprom “insolvent”

gas-meter-75706_1280

Turkmenistan announced OAO “Gazprom” insolvent because of the economic sanctions against Russia and the global economic crisis. A statement was posted on Turkmenistan Government website.

“Since the beginning of 2015 “Gazprom” does not pay its debts to the GC “Turkmengaz “for the supplied volumes of Turkmen natural gas,” – said in a statement.

According to the article published in February by deputy director of “Turkmengaz” Annadurdy Meretgeldiev, Moscow did not fulfil the agreement on investment in the construction of the Caspian gas pipeline, as well as the “East – West” gas pipeline. Deputy Chairman of “Gazprom” Alexander Medvedev, in turn, reported a significant reduction in gas purchases in Central Asia – in particular, for Turkmenistan a decrease from 10 billion to 4 billion cubic meters of gas was announced “based of mutual agreement.”

Currently Russia buys natural gas in three Central Asian countries: Turkmenistan, Uzbekistan and Kazakhstan. According to 25 year gas agreement signed in 2003 by Moscow and Ashgabat, 70-80 billion cubic meters per year should be supplied to Russia through the “Central Asia – Center” pipeline, and then through the “East – West” pipeline.

In 2013, Kyiv and Ashgabat agreed on the resumption of gas supplies to Ukraine through the gas pipeline passing through the north of Turkmenistan and through Russia.

Source: http://lenta.ru/news/2015/07/08/gasprom/