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Gazprom ready to build pipeline from Turkish Stream through Greece as part of consortium

April 21, 2015, 20:41 UTC+3 ATHENS

Gazprom is confident it is able to raise €2 bln for the project

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 Alexey Miller

Alexey Miller


ATHENS, April 21. /TASS /. Gazprom is confident it is able to raise €2 bln for the Russian-European consortium to build the onshore gas pipeline downstream of the Turkish Stream pipeline, Gazprom’s Chief Executive Officer Alexey Miller said on Tuesday.

"There is no doubt the Russian-European consortium will be able to raise the required funds to construct the gas pipeline - €2 bln," Miller said.

"Certain European companies show interest in the project," he added.

"The project will be implemented in strict compliance with European laws," head of Gazprom said.

TASS reported earlier 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 downstream of 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 will 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.

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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