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Russia may consider providing financing to Greek firms for construction of Turkish Stream

May 07, 2015, 18:12 UTC+3 MOSCOW

Russia and Turkey have reached an agreement to start putting the Turkish Stream gas pipeline into operation in December 2016

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MOSCOW, May 7. / TASS / Russia is ready to consider providing financing to Greek companies for construction of gas transportation system in Greece, Russian President Vladimir Putin said Thursday.

During the phone conversation with Greek Prime Minister Alexis Tsipras both parties paid particular attention to joint infrastructure plans, as well as issues of energy cooperation, including the construction of the gas transportation system in Greece as part of a new project to transport Russian gas through Turkey to other European countries, the Kremlin press service said.

The press service also confirmed that Russia is ready to provide funding to Greek public and private companies that will be involved in this project.

Earlier today, Gazprom head Alexey Miller said that Russia and Turkey have reached an agreement to start putting the Turkish Stream gas pipeline into operation in December 2016. According to him, first gas supplies via the pipeline will also begin in December 2016. Miller added that Gazprom will take into account the agreement the company reached with Turkey in its schedule. Miller made his statement after meeting Turkey’s Energy and Natural Resources Minister Taner Yeldez. Earlier Deputy Head of Gazprom Alexander Medvedev told TASS that the last section of the Turkish Stream will be built in 2020.

They also discussed Russian gas supplies to Turkey and the upgrade of the Blue Stream gas pipeline.

In January-April, Russia supplies about 5.4 bln cubic meters of gas via the Blue Stream to Turkey, which is 4% up year-on-year.

The participants of the meeting stressed that in the last 10 years gas consumption in Turkey more than doubled and the country is interested in growth of Russian gas exports.

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

The Blue Stream is a gas pipeline with the annual capacity of 16 bln cubic meters.

The pipeline stretches across the Black Sea ensuring direct supplies to Turkish consumers.

Russia’s gas giant Gazprom stopped the South Stream gas pipeline project, while announcing the implementation of the Turkish Stream, the alternative project of the gas pipeline construction to Turkey with further deliveries to Europe.

The Turkish Stream gas pipeline will run 660 km along the old corridor of the South Stream project abandoned by Russia and 250 km in the new corridor towards Turkey’s European part.

On December 1, 2014 Gazprom and the Turkish company Botas signed a memorandum of understanding on construction of a gas pipeline from Russia to Turkey via the Black Sea. The pipeline capacity will total 63 bln cubic meters of gas, of which about 50 bln cubic meters will be delivered to a new gas hub on the Turkish-Greek border.

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