Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Gazprom to resume its imports of Turkmen gas in 2019

Gazprom to resume its imports of Turkmen gas in 2019

The Russian oil giant is all set to resume its gas imports from Turkmenistan in 2019, a practice it ceased three years ago

This was stated by Gazprom Chief Executive Alexey Miller during a visit to the Turkmen capital for talks on Tuesday.

Miller also stated in an interview with Turkmenistan’s state television channel that he expected purchases dogged by price disputes to resume at the beginning of next year.

“We are talking about the resumption of purchases of Turkmen gas by Gazprom in the very near future – from January 1, 2019,” he said, stressing that details of the new deal were yet to be finalised. Russia was notably once the leading importer of Turkmen gas, until it was displaced by China around the beginning of the decade.

Russia’s exports to Europe were boosted by relatively cheap imports of gas from Turkmenistan and other Central Asian countries. In 2015, Gazprom announced its intention to cut imports of Turkmen gas to 4 billion cubic metres (bcm) per year—down from 10 bcm since 2010.

In the beginning of 2016, the move was followed by a complete cessation of purchases that were announced. This compounded pressure on Turkmenistan’s economy—which was strongly dependent on hydrocarbons as a source of hard currency.

Gas deliveries to China from Turkmenistan along the Central Asia-China pipeline are currently between 30 and 40 bcm annually.

The republic that sits on the world’s fourth largest reserves exported similar volumes to Russia before they dropped dramatically following a mysterious 2009 pipeline explosion that occurred amidst a price dispute.

Nevertheless, a large part of the revenues from Turkmenistan’s sales to China are believed to be used to pay off debt on the pipeline link which also traverses neighbours Uzbekistan and Kazakhstan– and was financed by China.

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