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The European Gas Game Is About To Change

• https://www.zerohedge.com, Tyler Durden

Prices of both oil and gas have bounced back to such a level that satisfies the producer – an important feat in countries where hydrocarbon export revenues feed the economy – and new deals are being forged as a consequence. One of such is Gazprom renewing its purchases of Turkmen gas after a more than three-year hiatus, replete with frustrated hopes and mutual grievances. Moscow and Ashgabat have moved to leave past grievances aside yet the now emerging gas alliance is much more a marriage of convenience than of profound love.

The Turkmen-Russian gas axis has a decade-long history as Gazprom generally did not allow for direct transit of Central Asian gas through its massive transportation system yet agreed to buy out these volumes for further exports, basically making sure that the trader's margin remains at all cases with them.

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