ECONOMY


GASPROM TO OPEN REPRESENTATION IN TURKMENISTAN

The board of directors of Gasprom has approved the move to open a representation in Turkmenistan. This was contained in a press release from Gasprom JSC. The board meeting noted that opening a representation in Turkmenistan would increase the effectiveness interaction of Gasprom with the authorities of Turkmenistan, enterprises and organizations in the country for the realization of the Agreement on cooperation in the gas sector.

In April President Vladimir Putin of Russia and President Saparmurat Niyazov signed an agreement between Russia and Turkmenistan for cooperation in the gas sector for 25 years. Authorised organizations for the realization of this agreement were named Gasprom and Turkmenneftegas.

Within the framework of this agreement Gasexport, a subsidiary pf Gasprom and Turkmenneftegas signed a long-term purchase-sale contract for Turkmen natural gas for the period that the agreement would be in effect.

According to the contract in 2004, Gasexport will buy 5-6 billion m3 of Turkmenneftegas gas. In 2005 the volume will be increased to 6-7 billion m3, 2006 - up to 10 billion m3, in 2007- up to 60-70 billion m3, from 2008 - 63-73 billion m3. Staring from 2009 annual supplies should range between 70-80 billion m3.

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