Gazprom filed a lawsuit against Turkmengaz in Stockholm demanding price change


Russian gas giant Gazprom demands changing the terms of the contract they signed with Turkmen company Turkmengaz for natural gas supply.

“A lawsuit was filed to arbitration in Stockholm, demanding price adjustments”, – said the representative of the Russian gas monopoly to the Reuters agency, not explaining any further details.

The contract between the Russian and Turkmen gas companies was signed in 2010. The price was fixed in the agreement: about $ 240 per 1 thousand cubic meters, and the volume on the “take or pay” conditions was 10 billion cubic meters a year.

In the early summer this year Turkmenistan – the largest natural gas supplier in Central Asia – has accused Russia’s Gazprom in not paying for Turkmen gas since the beginning of the year.

See also: Turkmenistan pronounced Gazprom “insolvent”

It is known that Gazprom that buys Turkmen gas for resale significantly reduced fuel imports this year. At the end of 2014 the company announced the forthcoming nearly 3 times reduction in purchases – down to 4 billion cubic meters a year from 11 billion cubic meters.

Turkmenistan annually supplies 30-35 billion cubic meters of gas per year to China. Turkmengaz hopes to double gas supply to China by 2020.