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Turkish Stream, Nord Stream-2 gas pipelines may be postponed because of EU actions — Fitch

August 24, 2015, 19:45 UTC+3 MOSCOW

Fitch cites the crisis over the situation in Ukraine and Europe's attempts to diversify it's gas imports as the reason

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MOSCOW, August 24. /TASS/. The international rating agency Fitch Ratings does not rule out implementation of Turkish Stream and Nord Stream-2 gas pipeline projects of the Russian gas major Gazprom may be postponed, the agency said on Monday.

"We believe that the both projects could be delayed due to the political crisis over Ukraine and the EU's attempts to diversify away from the Russian gas," Fitch said.

TASS reported earlier the Turkish Stream will serve as an alternative to the South Stream gas pipeline project abandoned by Russia in December 2014. The larger part of the Turkish Stream pipeline will run across the Black Sea and coincide with the South Stream route approved earlier. Unlike the South Stream, which implied a large-scale infrastructure construction in Europe, the Turkish Stream project is limited to the construction of a pipeline under the Black Sea and a gas hub on the border between Turkey and Greece. The remaining part of infrastructure will have to be built by Gazprom’s European customers’ themselves.

Gazprom, E.ON, Shell and OMV have agreed to develop gas transportation facilities to deliver Russian gas to Europe. The four companies have signed a memorandum of intentions on creating a gas transportation infrastructure to ensure direct supplies of Russia gas to European consumers on June 18, 2015.

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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