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. Last Updated: 07/27/2016

Gazprom Resolves Row With Turkey

Gas monopoly Gazprom said Thursday it had fully resolved its gas price dispute with Turkey and would drop its previous threat to take the country to international arbitration court.

A Gazprom official said the dispute, which has stalled gas trade via a $3.5 billion pipeline under the Black Sea for several months this year, was over after the two sides had agreed to keep volumes of gas sales the same but had adjusted the price.

The world's largest gas producer did not say whether the so-called "take-or-pay" condition, under which the customer must either buy agreed volumes of gas or face penalties, was maintained in the contract.

Turkey and Gazprom threatened in late June to take each other to international arbitration court after failing to agree on prices and the volume of gas supplies to be pumped through the Blue Stream pipeline beneath the Black Sea.