Uzbek Gas for Export: Will Political Maneuvering between China and Russia Result in Higher Export Price?
The main research question is “Will political maneuvering between China and Russia result in higher export price for Uzbek gas?” In 2008, the price of gas exports from Uzbekistan was US$160 per 1,000 cubic meters. On the other hand Gazprom used to charge its European customers an average of US$350 per 1,000 cubic meters. 
 
On July 1, 2008, Uzbekistan and Kazakhstan has begun laying their respective stretches of the Turkmenistan-China gas pipeline. The construction began at the settlement of Saet in the Bukhara region. The cost of the Uzbek stretch of the gas pipeline is estimated to be over USD 2 billion. The total cost of the 1,818-kilometer long gas pipeline Turkmenistan-China is about USD7 billion. If implemented, the Turkmenistan-China pipeline might undermine Russia’s ability to manipulate the Central Asian gas market and stir up energy competition between Russia and China. It should be noted that with estimated natural gas reserves of 66.2 trillion cubic feet (Tcf), Uzbekistan is the third largest natural gas producer in the Commonwealth of Independent States (after Russia and Turkmenistan) and one of the top fifteen natural gas-producing countries in the world. 
 
According to the schedule approved by the decree of the Uzbek President, the first line of the gas pipeline and compressor station is expected to be completed by the end of 2009. According to schedule, the first stage will end in January 2010. The second line of the gas pipeline and two more compressor stations are expected to be launched by January 2012. 
 
Gazprom’s reaction to this development was almost immediate. Therefore, the purchase prices in these countries more than doubled in 2009 compared to the levels at which Gazprom has bought gas in 2008 
 
The conclusion of the research is that alternative pipeline to China will strengthen the bargaining power of Turkmenistan and Uzbekistan and may result in higher export gas prices. However, given the fact that Chinese themselves are unwilling to match the price that Europeans are paying for gas, the increase will not be very significant. Therefore, Uzbekistan, as well other Central Asian countries, should continue their efforts to construct and participate in other alternative gas pipelines, such as Trans-Caspian, Nabucco, Trans-Afghan, and Iran-Pakistan-India pipeline projects.
Report and Recommendation of the President to the Board of Directors
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FISCAL AUTONOMY OF SUB-CENTRAL GOVERNMENTS
State and local governments in OECD countries have access to a variety of fiscal resources. Discretion over these resources varies considerably, and so does sub-central governments’ power to shape public service delivery. The design of fiscal autonomy affects sub-central government’s behaviour and determines outcomes like public sector efficiency, equity in access to public services or the long term fiscal stance. This paper provides data and interpretation on the fiscal resources of sub-central government in OECD countries. It presents a set of fiscal autonomy indicators such as revenue and expenditure decentralisation, tax autonomy, intergovernmental grants and the stringency of fiscal rules. In sum, the statistics show that taxes are still the most significant revenue source for subcentral governments but that only a part is under their effective control. Fiscal autonomy is further reduced by a high percentage of earmarked grants. The design of fiscal federalism varies considerably across countries, and factor analysis reveals almost no correlation between different fiscal autonomy indicators. Indeed, “fiscal autonomy” appears to have several dimensions.