Russia’s Gazprom signs five-year contract to buy Turkmen gas

MOSCOW (AP) – Russia’s state-controlled natural gas monopoly Gazprom has signed a five-year contract to import gas from the energy-rich Central Asian nation of Turkmenistan.

Gazprom said on Wednesday the contract envisages importing 5.5 billion cubic metres of Turkmen gas a year.

The company resumed buying Turkmen gas in April more than three years after cutting off purchases of the ex-Soviet country’s key export.

Prior to halting imports in 2016 amid a slump in global prices, Russia had been the largest customer for Turkmen gas, buying about 10 billion cubic metres a year.

The loss of exports to Russia was a significant blow to the Turkmen economy.