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Russian-Turkish talks on Syrian crisis to be held at the end of next month

MEMO | October 22, 2013

The Turkish newspaper, Hurriyet, reported that Turkish Prime Minister, Recep Tayyip Erdogan, will meet Russian President, Vladimir Putin, in Moscow at the end of November, when discussions will focus on the Syrian crisis.

Hurriyet noted that Erdogan will visit the Russian capital where he will head a delegation of a large number of ministers and will preside over the meeting of the joint ministerial committee of the Turkish-Russian Cooperation Council during 21st to the 22nd November. The meeting will discuss several political, trade and investment issues between the two countries.

Deputy Russian foreign minister, Alexei Meshkv, said that the two sides will address several regional and international issues of mutual interest and will discuss ways to develop bilateral relations. In an exclusive interview with the Turkish newspaper Meshkov asserted that Russian-Turkish relations are evolving in several areas, especially in the energy field. The two sides are also cooperating on the construction of the Mersin Nuclear Power and the South Stream natural gas pipeline project, which will pass through the Black Sea.

October 22, 2013 Posted by | Economics | , , , | Leave a comment

Norway is squeezing Russia out of European gas market

RT | January 17, 2013

Norway, Russia’s closest rival in the European gas market, seems to overtaking Russia’s Gazprom. Norway boasted record high exports in 2012, while Gazprom suffered the worst numbers in 10 years.

Norway increased its exports 16% in 2012 to reach 107.6bn cubic metres, according to Europe’s key statistics office Eurostat. This is “a record level, close to the Russian gas exports to Europe,” Michael Korchyomkin, head of East European Gas Analysis, told Kommersant daily.

During the same period, Russia’s gas giant Gazprom cut sales to Europe and Turkey by 8%, according to the company’s head Aleksey Miller. That’s the lowest export level for the last decade, Korchyomkin said.

At the moment Norway is breathing down Russia’s neck in its key European market – Germany. In 2011 Gazprom supplied 30bln cubic meters out of the total 80bn cubic meters of gas Germany consumes annually. Norway sold just a bit less – 28bn cubic meters. Norway’s Statoil accounts for about 70% of the country’s exports and in 2012 signed a 10 year contract to supply gas to Germany’s Wintershall.

Norway’s lower gas prices are another tool to win customers. The country’s Petroleum Ministry is suggesting charges for gas transportation in new contracts should be significantly cut, according to Reuters citing Norwegian Petroleum Minister Ola Borten Moe.The exact price cut remains unclear, with Kommersant daily assessing it at 7%.

Competitive pricing has become a crucial issue at a time when crisis – stricken Europe can’t afford huge bills.

On Thursday Gazprom 9M 2012 IFRS results showed things are not that rosy for Russia’s’ gas monopoly. The company’s profit for the period was down 12% year on year to $27.1bn, with the net sales of gas decreasing by 8% year on year, to about $61.4bn.

Net sales exclude the amounts paid by the company in form of value added tax and customs duties.

Earlier in the week Fitch rating agency predicted a further fall of sales for Gazprom in 2013, referring to weak economic conditions and slack demand.

January 17, 2013 Posted by | Economics | , , , , | Leave a comment

   

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