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Russia’s energy minister says agreement on Turkish Stream 'almost ready'

October 10, 2016, 12:45 UTC+3

Novak said it is expected to be signed at the International Energy Congress

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© Vladimir Smirnov/ITAR-TASS

ISTANBUL, October 10. /TASS/. The intergovernmental agreement on the Turkish Stream natural gas pipeline project between Russia and Turkey is almost ready for signing, Russia’s Energy Minister Alexander Novak said Monday.

"The document is almost ready, only some details are left (to be finished - TASS). We expect it to be signed within the International Energy Congress," he said.

According to Novak, the agreement stipulates the construction of two lines of the pipeline. The Minister said that the signing of the intergovernmental agreement is not related to the issue of granting a gas discount to Turkey. "The discount and prices for gas supplies on the whole are regulated by commercial agreements between particular commercial companies. While an intergovernmental agreement is a document between governments of two countries, which contains issues creating conditions for implementation of the project," Novak said.

According to the Minister, the issue of gas supplies to Europe via the Turkish Stream is being developed now. "The issue is only being developed now and the South-Asian countries, which are interested in gas supplies, are discussing the issue inside Europe, among them Italy, Greece and other countries," he said.

Oil production stabilization

Russia is working on the final version of stabilization of oil production, ready to consider the possibility of reducing it, Novak told reporters on Monday.

"We are currently working on all these issues, discussing it with our companies and so on. So far, we have not developed the final version, it will largely depend agreements within the OPEC," he said.

Novak also plans to discuss stabilization of the oil production algorithm at a meeting with the OPEC Secretary Mohammad Barkindo: 

"We will discuss it among other things in the framework of our bilateral meeting with Mr. Barkindo - how they plan to proceed, the algorithm, schedule for reviewing these issues. That is why I will be able to give more details after our meeting."

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