EU secures Turkmenistan gas supply pledge

Energy Trade

The European Union has secured a guarantee of 10 billion cubic meters a year of natural gas from Turkmenistan from 2009, helping to ease the bloc’s reliance on Russia, the European Commission said on Monday.


EU External Relations Commissioner Benita Ferrero-Waldner told the Financial Times the amount was not vast but a “very important first step” for the EU in finding alternative energy suppliers. A spokeswoman for the Commissioner said the Turkmen commitment was made in a meeting between Ferrero-Waldner and Turkmen President Kurbanguly Berdymukhamedov last week, when she traveled to Central Asia for talks on issues ranging from energy security and pipelines to democracy and human rights. “This is an important step,” Christiane Hohmann said. “For the first time we have got a concrete figure from the Turkmens of a volume that would be available for transporting via an alternative route to Europe, which would be important for Nabucco.”

Brussels sees Central Asia, which sits atop some of the world’s biggest oil and gas reserves, as key to its ambitions to diversify energy supplies away from Russia which provides a quarter of the bloc’s gas needs. The EU has been particularly keen to convince Turkmenistan to join the long-stalled Nabucco gas pipeline project designed to link up Caspian gas with European markets. Ferrero-Waldner said there were several possible ways to bring Turkmen gas to Europe, including building a mini-pipeline to connect Azeri and Turkmen offshore installations in the Caspian Sea, building an onshore link or compressing the gas into liquid and shipping it by tanker to Azerbaijan. She said the Turkmen offer required European businesses to invest in pipeline infrastructure and exploration. “Now we have a volume that has been named which makes it interesting, it’s up to the companies to get engaged, get involved,” her spokeswoman said. (Reuters)

British American Tobacco to Invest HUF 60 bln in Hungary Analysis

British American Tobacco to Invest HUF 60 bln in Hungary

Gov't Wants Sustainable Business Model for Magyar Posta Government

Gov't Wants Sustainable Business Model for Magyar Posta

120,000 Guest Workers Employed in Hungary HR

120,000 Guest Workers Employed in Hungary

Gastrotourism Alive and Well in Hungary Tourism

Gastrotourism Alive and Well in Hungary


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.