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Russia and Turkey may sign agreement on Turkish Stream by end of June — Energy Minister

June 18, 2015, 12:17 UTC+3

According to Energy Minister Alexander Novak, Russian companies and banks may participate in financing Turkish Stream ground infrastructure construction in Greece

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© ITAR-TASS/Ruslan Shamukov

ST. PETERSBURG, June 18. /TASS/. Russia and Turkey may sign the agreement on Turkish Stream gas pipeline construction by the end of June, Russia’s Energy Minister Alexander Novak told TASS on Thursday.

"We have understanding that the intergovernmental agreement may be signed by the end of June," Novak said.

Russia and the European Union will discuss construction of onshore infrastructure of the Turkish Stream gas pipeline and gas supplies to Ukraine on June 27 - 29, 2015, Russia’s Energy Minister said.

The issue of Ukraine’s bypassing routes and Russian-Ukrainian relations in gas sphere will be discussed at the meeting with the European Commissioner, Novak said.

According to Novak, Russian companies and banks may participate in financing Turkish Stream ground infrastructure construction in Greece. "The project is at the workout stage so far but the Russian side is ready to take part in financing construction of the infrastructure," the minister said.

Turkey may join the Turkish Stream pipeline’s offshore segment construction within its economic zone, Novak added. The case in point is an approximately 200-km segment related to Turkey’s economic zone.

Greece expressed its interest in building the gas pipeline in its turn, the minister said.

Russia and Saudi Arabia plan to sign the action plan for the economic cooperation on Thursday, Novak said. The minister added that the intergovernmental commission resumed work, which was not carried for the last 5 years. A joint action program is expected to be signed on Thursday, June 18. The plan will involve the exchange of technological information, as well as investment projects between the two countries.

Private companies may also be authorized to develop Russian shelf subject to rigorous screening of pretenders, Novak added. Granting access to the shelf for private companies is reasonable but on condition of thoroughly working out access criteria, the minister said. This will make possible to broaden investment opportunities for private players on the oil and gas market, Novak said.

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