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 Turkmenistan declared Gazprom insolvent with no payments received for six months

Russia has not paid for the Turkmen gas since the beginning of the year. In response, Turkmenistan announced that due to the global economic crisis Gazprom is considered insolvent.

As reported by Censor.NET, this was announced on Wednesday by the Turkmen government portal Oilgas.gov.tm.

"The Russian company Gazprom has become insolvent on its contracts for purchase and sale of natural gas due to the ongoing global economic crisis and economic sanctions imposed by Western countries on Russia. Since the beginning of 2015 Gazprom has not paid its debts to the Turkmengaz state concern for the delivered natural gas," the statement reads.

Read more: Oshchadbank to abjudge 15 billion hryvnias from Russia for Crimea, - Yatseniuk

In 2003 Russia and Turkmenistan signed the agreement on gas cooperation for 25 years. Under the agreement Gazprom Export Ltd. (100% subsidiary of Gazprom OJSC) and Turkmenneftegaz GTC concluded a long-term contract for purchase and sale of the Turkmen natural gas. The contract stipulates for supply to Russia of up to 70-80 billion cu. meters of gas per year through the Central Asia - Center pipeline followed by East - West pipeline. In 2006-2008, Russia was receiving 41-42 billion cu. meters of the Turkmen gas per year. Since 2009 deliveries dropped to 11-12 billion cu. meters and in 2015 Gazprom decided to reduce deliveries to 4 billion cu. meters.

Read more: We are not going to subsidize Russian Gazprom, Arsenii Yatseniuk says

 
 
 
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