This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Turkmenistan Renews Gas Relations With Ukraine, Europe

KYIV, Ukraine, February 13, 2013 /PRNewswire/ --

Turkmenistan will renew gas supplies to Ukraine and countries of Europe according to the memorandum of understanding, signed between Ukrainian Naftogaz and Turkmen Turkmengaz state companies. The bilateral memorandum was finalized during the official visit of the President of Ukraine Viktor Yanukovych to Ashgabat on February 13, 2013. "I confirmed Ukraine's interest in renewal of gas supplies from Turkmenistan and readiness to deepen cooperation in the area," stated President Yanukovych.

The document will regulate broadening of cooperation between the two companies and stipulate further gas exploration in Turkmenistan, commented Minister of Energy and Coal Industry of Ukraine Eduard Stavytskyi. Ukraine plans to participate in open bids for the right to explore Turkmen gas fields, added the minister.

Gas from Turkmenistan may be delivered using the pipeline running across northern Turkmenistan and the territory of Russia, said Minister Stavytskyi. Previously, Turkmen gas was delivered to Ukraine through the Russian territory.

Ukraine started buying Turkmen gas in early 1990s, after the dissolution of the USSR. The most recent five-year-long contract with Turkmenistan expired in 2006.

Under the conditions of the bilateral agreement, Ukraine purchased from its Asian partner 36 billion cubic meters of gas per year, paying in goods and cash. At the time Turkmenistan was the largest supplier of gas to Ukraine, while Ukraine was the main customer of Turkmen gas. In 2011, Ukraine briefly imported Turkmen gas, along with Uzbek and Kazakh gas, through third parties.

Currently, Ukraine's major gas supplier is Russia. Ukrainian officials made numerous statements regarding the strain that high price for Russian gas put on Ukrainian economy. As Ukraine is looking into cutting domestic gas consumption, boost production and find new gas suppliers, it introduced the State Program on Energy Efficiency 2010-2015. Just in January 2013, the country's energy minister informed about plans to purchase gas from Slovakia, in addition to the newly established supply of gas through Polish pipelines.

To further reduce Ukraine's dependency on gas import the country signed up global energy leaders - Shell, Chevron, and ExxonMobil - to develop domestic energy resources in western and eastern regions of the country, as well as the Black Sea shelf. Additionally, Ukraine is implementing a program of substitution of natural gas with locally produced coal, using Chinese technology.

SOURCE Worldwide News Ukraine

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs