The former Soviet republic of Kyrgyzstan has approved a deal to sell the country’s debt-ridden natural gas monopoly to Russia’s state energy company Gazprom for $1.
The decision, backed by 78 deputies in the 120-seat parliament, hands Moscow control over a strategic asset in the Central Asian state in exchange for a guaranteed supply of fuel.
Under the agreement, Gazprom will gain control over pipelines, gas distribution stations and underground storage facilities owned by Kyrgyzgaz.
Gazprom has committed to invest 20 billion rubles ($610 million) in modernizing the Kyrgyz company’s infrastructure over the next five years.
The strategically important nation, which borders China, hosts both a Russian and an US military base. The Kyrgyz parliament last month told the US military to vacate its air base by next July.
Full article: Russia’s Gazprom takes over gas monopoly in Kyrgyzstan for $1 (Russia & India Report)