Gazprom has demanded almost $5 billion from the Turkmen company for the gas supplied between 2010 and 2015.
Over five years Russian company has been seeking revision of price for Middle Asian gas.
In July 2015 Gazprom filed a suit against Turkmengas to the Stockholm Arbitration and demanded about $5 billion, reported Interfax quoting the source familiar with the situation. He said this is the amount of payments, which had to be done from 2010 to 2015. A source from Gazprom has confirmed that to RBC.
Since the beginning of the crisis in 2008 Gazprom tried to revise the price of gas purchased in Turkmenistan, but only in summer 2015 it filed a suit to the Stockholm Arbitration. But the sum of the claim has not been disclosed.
According to the agreement signed in 2010, Gazprom purchased 10 bcm of gas a year from the Turkmen company. But in 2015 the Russian monopoly decided to reduce the volume to 4 bcm. Gazprom did not discuss the issue of price reduction with Turkmengas and since January 2015 it switched to the payment based on the price of loss-free export to Europe. In spring the Turkmenistan Ministry of Oil and Gas said since early year Gazprom does not fully pay for the supplies, calling it an “insolvent partner.”
In January 2016 Gazprom notified Turkmengas about suspension of gas purchase from Turkmenistan in “violation of the contract.”
“The contract has been terminated, because in the last five years Gazprom has been negotiating with Turkmengas, but it did not agree to any concessions,” a source from Gazprom said on Tuesday.
