Gazprom sues Turkmengaz in the Stockholm arbitration – CIRE.pl

Turkmengaz suing Gazprom in the Stockholm arbitration

24.07.2015r. 16:05

The Russian company Gazprom filed in the arbitration court in Stockholm Turkmen lawsuit against the company Turkmengaz, demanding a revision of prices gas supply contract – said on Friday Forbes with reference to sources close to Gazprom .
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The company Gazprom has not commented on reports.

Forbes stated that the idea is that the price approx. $ 240 per 1,000 cubic meters of gas from Turkmenistan arranges not Gazprom, which bears the losses arising from the supply of gas to Western Europe at prices that are associated with the currently declining oil price.

According to Russian media, Gazprom has filed a lawsuit on 8 July.

Russia’s gas import from Turkmenistan, the main export product of the country, have decreased by approx. 45 billion cubic meters to 10 billion after a mysterious explosion in the year. 2009 gas pipeline in Turkmenistan. Turkmen side has burdened the Russian Gazprom liability for negligence, causing an explosion.

Gazprom planned to reduce the 2015 gas purchases from Turkmenistan 10 billion cubic meters to 4 billion and replacing the vulnerability own gas – reminds RIA-Novosti statement of February the High Representative of Gazprom Alexander Medvedev.

In July this year. Turkmenistan accused Gazprom that it fails to comply with his payment. In a statement on the website of the Ministry. Petroleum and Mineral Resources stated that Gazprom since the beginning of the year does not repay the debts for Turkmen gas. Later, it softened the wording writing about the “incomplete repayment”. It was noted that Gazprom is unable to regulate payments under the contracts due to global economic issues and sanctions against Russia.

The fact that Gazprom’s price dispute with Turkmenistan may join a lawsuit, he wrote in early July Russian daily “Kommersant”. Gazprom has already prepared documents – claimed the source of the log. They did not reveal with which the sum of the company in default, but the newspaper estimated it at 300-400 million dollars. Sources close to Gazprom said “Kommiersantowi” that the Turkmen side ignores attempts to promote dialogue ws. Stored in the contract the right to revise prices in the event of a major change in external circumstances.

signed in 2003. Intergovernmental agreement between Russia and Turkmenistan on cooperation in the gas sphere valid until 2028 years.