Analysts concerned about Turkish barter trade with Gazprom

According to an Aton Capital's analytical review, a switch from monetary payments to barter supplies for natural gas will have extremely negative consequences for Gazprom, as barter trade is often a cause for misuse and corruption. The review came as a reaction for news that Turkish authorities have been experiencing difficulties with payments for gas supplies to Gazprom. Turkey stopped receiving gas in April 2003 arguing that prices were too high. Now Turkey proposes to supply goods and services to pay for gas supplies.

Analysts express their concerns over Gazprom's difficulties on one of its key markets. Nevertheless, there has been some good news for Gazprom as well, including a government decision to cut tariffs on gas production to become effective in 2004. This will allow Gazprom to save almost $1.5bn in taxes, Aton Capital's analysts reckon.

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