Ukraine and Turkmenistan will initiate the creation of a gas consortium with Russia and Kazakhstan to transport natural gas to Europe. The agreement was the result of negotiations between President Viktor Yuschenko and Turkman president Saparmurat Niyazov. Turkmenistan may supply 60-70 bn cm of gas per year to Ukraine and the rest of Europe, according to the agreement. Concorde Capital: Early in 2005, Naftogaz signed an annual supplement agreement with Turkmenistan. The agreement provides for the supply of 36 bn cm of gas to Ukraine in 2005, of which 87.5% will be bought at a price of USD 58 per 1,000 cm on the Turkmenistan-Uzbekistan border.