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.
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.