Friday, June 30, 2006

Oil and Gas: Turkmenistan repeats threat to cut supplies to Russia

Turkmenistan has repeated its threat to cut natural gas supplies to Russia by September. The statement was made after talks with Russia’s natural gas monopoly Gazprom over a 30 percent price hike broke down.

MosNews previously reported Turkmenistan wants to increase the price of its deliveries from the current $65 per 1,000 cubic meters to $100. Last week Turkmen Foreign Ministry already warned that the country would cut exports if Gazprom did not accept the new price.

Following talks with Turkmen President Saparmurat Niyazov, Gazprom chief Alexei Miller said, "No agreement was reached on the price and the talks have been suspended".