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Gazprom Export Limited Liability Company (LLC) and Turkmengaz State Concern signed an agreement on termination of arbitration proceedings at the beginning of the year, Trend reports with reference to the quarterly report of a Russian company.
The corresponding notice was sent to the arbitration tribunal. The information says that this is a lawsuit filed by Gazprom Export in June 2005 against Turkmengaz to the Arbitration Institute of the Stockholm Chamber of Commerce, in which a proposal was made to revise the price of Turkmen gas purchased.
Turkmenistan on April 15, 2019 resumed natural gas exports to Russia after a three-year hiatus. Gazprom plans to purchase up to 1.155 billion cubic meters by June 30, 2019. The cost of the new transaction is not known. Turkmenistan transports its gas to Russia via the Central Asia-Center (CAC) pipeline, built in Soviet times and monopolized by Gazprom. Until 2009, Gazprom was the largest buyer of Turkmen gas, purchasing up to 40-42 billion cubic meters a year.