World Bulletin / News Desk
Turkmenistan has expressed its interest in exporting natural gas to Europe, and Turkey's state owned TANAP may prove to be the solution for this.
Speaking at the Petrol-Gas Summit in Istanbul, the head of the Turkish Energy Ministry's Transit Petrol Pipelines Office, Reha Muratoglu, said that he believes the pumping of Turkmen gas to Europe via TANAP pipelines across the Caspian Sea has now become likely.
Last year Turkey's Energu and Natural Resources Minister Taner Yildiz visited Turkmenistan, where he submitted a request for for an annual supply of 5-6 cubic meters of natural gas to TANAP.
TANAP will start construction work on pipelines across the Caspian to Azerbaijan in early 2015. It is hoped that Turkmen gas will reach Turkey by 2018 and then Europe in 2019.
However, Sohbet Karbuz of the Mediterranean Energy Observatory told Al Jazeera Turk that Turkmenistan is already pumping 65 million cubic meters of gas to China, adding that the US is also pushing for a pipeline between India, Pakistan, Afghanistan and Turkmenistan. This, he said, would make it difficult for Turkmenistan to pump gas to TANAP.
He also added that Turkmen gas is much cheaper than Azerbaijani gas, and for that reason Azerbaijan may not approve the pipelines as Azerbaijan would naturally prefer to sell its own gas.
At the same time, he added, Azerbaijan is expecting a drop in its natural gas productivity in the 2030s. Perhap then, he said, Azerbaijan may agree to host TANAP pipelines.
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.
Syria expels three United Nations aid workers hindering aid development in the country
Russia has overcome a "psychological barrier" and is ready to deepen its economic ties with China, Deputy Prime MinisterArkady Dvorkovich said
With Chancellor Angela Merkel's right-left coalition plus the opposition Greens, it was the biggest majority for any euro zone rescue package so far in the 631-seat chamber.