World Bulletin / News Desk
As the Ukraine crisis deepens tensions between Europe and Russia, Europe is looking for alternatives to Russia for its natural gas supply. One particular alternative is Turkmenistan, which has the fourth largest gas reserves in the world estimated at 32 trillion cubic meters.
Already producing around 80 billion cubic meters of gas per year of export for Chinese, Russian, Iranian and central Asian markets, the a planned pipeline from Turkmenistan across the Caspian Sea to Azerbaijan and Turkey will open the way for gas to be transported to the European market.
However, problems are likely to be encountered, as Russia and Iran are strategically opposed to Turkmenistan pumping gas to Europe, the head of the Azerbaijan Diplomatic Academy Energy Research Center Dr. Elnur Soltanov was quoted saying in the Daily Sabah.
"This can only be possible if Europe and the U.S. can balance Russia. Iran does not want Turkmenistan gas to be transported to Europe, either, due to political and economic reasons," he said.
The foreign ministers of Turkey, Azerbaijan and Turkmenistan are due to meet on Monday, May 26, to discuss tripartite relations regarding the transportation of Turkmen gas to the West, especially since Turkey is hoping to offer its natural land bridge as a route for the pipelines.
Turkmenistan has traditionally seen the Asian continent as a more attractive market for its gas reserves. However, with tensions mounting along the Kyrgyzistan-Tajikistan border, pipelines to China are coming increasingly under threat.
Also, with neighbor Kazakhstan already in the Russian-led Customs Union and Kyzgyzstan becoming likely member in the future, old Soviet alliances could cause problems for Turkmenistan's eastern exports.
No doubt last week's natural gas deal between Russia and China will also add an element of competition to lower prices for the Chinese market, while Russia ally Iran could also block deliveries to the West.
Central Bank skips repo auction for eight trading day to stem sharp decline in lira's value against other currencies
The December 10 accord obliges around a dozen nations led by Russia that are outside the Organization of the Petroleum Exporting Countries to reduce output by 558,000 barrels per day (bpd).
Turkish Treasury says dollar-denominated bond sale was more than three times oversubscribed
"The bank is weighing transferring up to 1,000 employees to Frankfurt, including traders as well as top bankers," the paper reported, citing financial industry sources.
Frankfurt's DAX 30 index won 0.2 percent compared with the close on Wednesday to 11,624.11 points and the Paris CAC 40 rose 0.1 percent to 4,859.76 .
A weaker yen helped Japanese stocks lead a broad advance across Asian markets as optimism was buoyed by Yellen's remarks on the economy but traders moved cautiously ahead of Donald Trump's inauguration on Friday.
Central Bank skips repo auction for fifth trading day to stem sharp decline in lira value against other currencies
Number of tourists across the world rose to all time high of 1.235 billion last year, World Tourism Organization said on Tuesday.
Turkish central bank has announced to open foreign exchange depot market to enhance flexibility and instrument diversity
While PM promises 'greatest possible' access to EU market, opposition hits out at 'clear break' from Conservative policy
Prime Minister Theresa May is expected to deliver Brexit speech on Tuesday
"Net easing of banks' overall terms and conditions on new loans continued across all loan categories," as in previous quarters, the central bank said in a statement.
On a state trip to Hanoi, Japanese PM Shinzo Abe promises to help bolster Vietnam's naval capabilities
The US growth estimate was raised a tenth of a point this year to 2.3 percent, and for next year by four-tenths to 2.5 percent.
Flynas chairman Ayed al-Jeaid said at the signing ceremony in Riyadh that the deal includes an option for 40 more of the short to medium-haul planes in what airline executives said is a growing domestic market.