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Turkmenistan Terminates Gas Supply Contract with Gazprom, Secures Deal with Iraq

Oct 29, 2024over 1 year ago

Contract Type

contract

EnergyOil And Gas

Description

Turkmenistan has ended its long-term gas supply contract with Russian state-controlled gas giant Gazprom while preparing to finalize a larger supply deal with Iraq. The terminated contract with Gazprom, signed in 2019, included an annual price revision clause, leading to its termination as a result of the inability to negotiate a desired price revision. Concurrently, an agreement was reached with Iraq to deliver gas to support its power generation via a swap arrangement with Iran, with delivery volumes potentially exceeding the levels shipped under previous commitments.

Company Information

Company

Turkmengaz

About

Turkmengaz is the state gas producer of Turkmenistan, responsible for supplying domestically-produced gas to foreign buyers.

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