Belarus has fully paid its $460 million debt for Russian natural gas supplies, ending a dispute between the country and Gazprom [RTS: GAZP], the state-controlled gas giant said Wednesday.

Belarus has made the first payment on a nearly $500 million gas debt to Russia, and now has another week to make the rest of the payment. Russia had threatened to reduce gas volumes delivered to Belarus by 45 percent if Minsk did not pay its debt.

Gas dispute between Russia and Belarus

Beltransgaz is settling debts.

Russian gas giant Gazprom said Wednesday it would reduce natural gas deliveries to Belarus by 45% from August 3 over outstanding payments, adding that Europe-bound supplies would not be affected.

The reason? Nonpayments

Belarusian Prime Minister Syarhey Sidorski's office announced today that he will travel to Moscow on July 30 to seek a compromise with Russia's Gazprom on repayment of a $500 million debt.

Worsening Russia-U.K. relations could be partly due to energy giant Gazprom's new role in the Sakhalin II project in Russia's Far East, the head of the Audit Chamber said Wednesday.

Pakistan wants Russian energy giant Gazprom to play an important role in a project to build a natural gas pipeline linking India, Pakistan and Iran, Islamabad's ambassador to Moscow said Thursday.

French Total SA was given a major role in developing the huge Shtokman gas field when it signed an agreement with Russia's Gazprom.

... as Partner for Initial Phase of Shtokman Field Development

Russian natural gas giant Gazprom is close to offering foreign companies a role in tapping its giant Shtokman gas field in the Barents Sea, the company said Monday, marking an apparent policy shift.