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Gazprom: participation in Turkish Stream will guarantee Greece 47 bcm of gas transit

April 21, 2015, 20:19 UTC+3

gazprom CEO Alexey Miller saud such transit volumes would make possible for the Greek party to raise commercial loans for implementation of other projects

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ATHENS, April 21. /TASS /. Russian gas giant Gazprom guarantees up to 47 bln cubic meters of natural gas will be supplied by transit over the territory of Greece after construction of the gas pipeline from the Greek-Turkish border, Gazprom’s Chief Executive Officer Alexei Miller said on Tuesday after talks with Prime Minister of Greece Alexis Tsipras.

Such transit volumes would definitely make possible for the Greek party to raise commercial loans for implementation of other projects, Miller said.

"The government of Greece will support the project of creating new gas transport facilities downstream of the border with Turkey," Gazprom’s CEO said. "The project can be implemented by a Russian-European consortium and European companies showing their interest to participate already appear," he added.

"The project will be implemented according to European laws," Miller said. "This never was a problem for the Russian side," he added.

The Turkish Stream pipeline will become an alternative to the South Stream project Russia abandoned last year. Most of the offshore section of the new pipeline will be the same as in the abandoned South Stream project.

On December 1st, 2014, Gazprom and Turkey’s Botas signed a memorandum of understanding on constructing an offshore gas pipeline across the Black Sea towards Turkey.

The pipeline capacity will be 63 bln cubic meters. Of this volume about 50 bln cubic meters will be delivered to the new gas hub on the Greek-Turkish border.

Gazprom’s subsidiary Gazprom Russkaya is in charge for the pipeline’s construction.

TASS reported earlier Greece and Russia are expected to sign an agreement on construction of a natural gas pipeline in Greece, connecting the Turkish Stream pipeline with the Central Europe.

Infographics Russia's gas pipelines to Europe by 2018

Russia's gas pipelines to Europe by 2018

Russia's gas giant Gazprom intends to completely abandon gas supplies to Europe through Ukraine after 2018 with the help of a new pipeline to Turkey. Infographics by TASS, 2015

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