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OIL AND GAS
Turkmenistan sells China ice cream as energy profits melt
by Staff Writers
Ashgabat, Turkmenistan (AFP) Oct 31, 2017


Reclusive Turkmenistan on Tuesday hailed its first shipment of ice cream to China as the crisis-stricken Central Asia country seeks to diversify its exports beyond hydrocarbons.

Ata Bayramov, a representative of the state-endorsed Union of Industrialists and Entrepreneurs, said that the private company Taze ay had dispatched over six tons of ice cream to China, which is also Turkmenistan's leading purchaser of natural gas.

"This is a trial party designed to test the ground for further cooperation," Bayramov told AFP.

If the trial delivery is successful, "the company plans to increase supplies and the number of assortments," he added.

According to Turkmenistan's state statistics committee, the tightly-controlled republic does not presently export any other food products to China.

Strongman leader Gurbanguly Berdymukhamedov has implored businesses to add diversity to an economy where hydrocarbons equal more than 90 percent of exports.

Sales of Russian-made ice cream reportedly shot up in China after Russian President Vladimir Putin gifted Chinese counterpart Xi Jinping a tub of the frozen dairy product at the Group of 20 Summit in Hangzhou last year.

A growing economic crisis in Turkmenistan has seen the government slice nearly a fifth off the value of its manat currency in 2015 while slashing subsidies that made water, electricity and gas effectively free earlier this month.

Downward pressure on energy prices in recent years and the collapse of a long-term contract to supply natural gas to the Russian market last year has increased Turkmenistan's dependence on Chinese demand.

Turkmenistan sits on the world's fourth largest reserves of natural gas in the world.

OIL AND GAS
Raton Basin earthquakes linked to oil and gas fluid injections
Boulder CO (SPX) Oct 26, 2017
A rash of earthquakes in southern Colorado and northern New Mexico recorded between 2008 and 2010 was likely due to fluids pumped deep underground during oil and gas wastewater disposal, says a new University of Colorado Boulder study. The study, which took place in the 2,200-square-mile Raton Basin along the central Colorado-northern New Mexico border, found more than 1,800 earthquakes up ... read more

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