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.
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.