Gazprom Deputy

Russian state-backed energy company Gazprom is ready to pay the Kremlin 2.5 billion rubles after posting record profits.

The company reported a net profit of 2.5 billion rubles for the first six months of this year. Oil and gas prices rose during that period, pushed up by supply concerns following Russia's invasion of Ukraine.

Gazprom Export, the exporting arm of Russian gas giant Gazprom, said on April 13 it has agreed 2016 gas prices with seven private Turkish importers, but a pricing spat with Turkish pipeline operator Bota? has still not been resolved.

Nearly 10 months ago, on Dec. 1, 2014, Russian President Vladimir Putin surprised the world with the announcement of the cancellation of the South Stream Project, a pipeline to be constructed under the Black Sea and through Bulgaria to supply some 64 bcm natural gas to European countries.

The launch date of the first line of the Turkish Stream project has been postponed due to the political crisis in Turkey, Gazprom Deputy CEO Alexander Medvedev said on Sept. 14, as quoted by Russia's TASS News Agency. 

High-level Turkish officials said Turkey and Russia have been unable to make progress in the planned Turkish Stream project and have frozen talks for now.

Russian Gazprom does not plan to buy a 1/4 share in Austrian oil and gas company OMV, Gazprom Deputy CEO Alexander Medvedev said Friday.

Medvedev thus refuted earlier claims that the state-owned energy concern was eyeing 24.9% of OMV and was in talks with the International Petroleum Investment Co (IPIC) in Abu Dhabi to purchase them.