Gazprom initiates arbitration proceedings against Turkmengaz - report
MOSCOW, July 24 (RAPSI) – Russia’s oil giant Gazprom commenced arbitration proceedings in Stockholm against Turkmengaz over the price in a supply contract, Forbes magazine reported on Friday.
Gazprom representatives have not commented on this information.
Earlier this month, the Ministry of Oil and Gas Industry of Turkmenistan announced on its website that Gazprom is insolvent and has not paid Turkmengaz for natural gas supplies since the beginning of 2015. Later, the ministry mitigated Gazprom’s status from insolvency to partial payment.
In April 2013, Russia and Turkmenistan signed an agreement on gas industry cooperation for 25 years. The parties agreed on long-term supply of natural gas from Turkmenistan.
In 2015, Gazprom planned to reduce its gas purchases from Turkmenistan from 10 to 4 billion cubic meters and replace this amount with its own gas, according to Deputy Chairman of the Management Board Alexander Medvedev.