Russian state-run gas giant Gazprom has cut its investment program in response to the difficulties it faces in the current economic downturn. These cost-saving measures contrasted sharply with Gazprom's pledge last year to become the world's largest company. Such efforts were supported by the Russian government. On July 13, the cabinet approved Gazprom's revised investment program worth 775 billion rubles ($25 billion) or 15.8 percent down from its 920 billion rubles ($29.7 billion) planned earlier. At a cabinet meeting, Prime Minister Vladimir Putin conceded that Gazprom's January-June 2009 production was 20.8 percent down year-on-year. However, Putin voiced confidence that Gazprom's production and sales will return to their pre-crisis levels eventually. READ MORE

Turkmenistan’s pledge to take Azerbaijan to court over the two countries’ rival claims to Caspian Sea oil fields has sparked more confusion than anger in Baku. Some Azerbaijani experts even believe that an international arbitration hearing could prove the best way to resolve a long-standing energy dispute. READ MORE

European companies are meeting in the German city of Munich to sign a memorandum of intent over plans to harness solar power to feed Western energy needs. READ MORE

One of his first foreign visits as new President took Barack Obama to Ankara for a high-profile meeting with Prime Minister Recep Erdogan and other leading Turkish officials. Obama engaged in classical “horse trading” wheeling and dealing. “I give you support for Turkey’s EU membership; you open the diplomatic door to Armenia,” appears to have been the core of the deal. What other inducements the US President gave in the case of Turkish influence within NATO and such is secondary. Obama’s goal was to break a political deadlock in Turkey to construction of a major gas pipeline to Germany and other EU countries in direct opposition to Russian Gazprom’s South Stream pipeline. READ MORE