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Gazprom warns Nord and Turkish Streams won’t close gap in EU supply and demand

June 06, 11:56 UTC+3

The company says that even with the implementation of Nord Stream 2 and two lines of the Turkish Stream the gap between demand and supply will not be closed

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© EPA/STEFAN SAUER

MOSCOW, June 6. /TASS/. Even the implementation of the Nord Stream Turkish Stream pipeline projects will not close the gap between supply and demand in Europe, Deputy Head of Gazprom Alexander Medvedev told a press conference.

"We take more than 4 billion cubic meters of gas at the take-or-pay level, and if we look at the prospects of demand, even with the implementation of Nord Stream 2 and two lines of the Turkish Stream, the gap between supply and demand will not be closed," he said.

The agreement on Turkish Stream project was signed in Istanbul on October 10, 2016. The sea section of the pipeline is being implemented by South Stream Transport B.V. (100% subsidiary of Gazprom). The project envisages the construction of a natural gas pipeline via the Black Sea to the European part of Turkey to be further extended to the border with Greece.

On December 8, 2016, Gazprom signed a contract with Allseas Group for the construction of the first thread of Turkish Stream’s seabed section. In February 2017, South Stream Transport B.V. stroke a contract with Allseas Group for the construction of the second thread of the pipeline’s seabed section.

The first line is meant for gas supplies to the Turkish market. The second one will be used to supply gas to Southern and Southeastern Europe. Each thread will have a capacity of 15.75 billion cubic meters of gas a year. The overall cost of the project was estimated as 11.4 billion euro. Gazprom’s investment in the project in 2017 will amount to 41.92 bln rubles ($739 mln).

Gas supplies 

Gazprom has not received any requests from Bulgaria to increase gas supplies, Medvedev said;

"In this case, I participated in negotiations with Bulgaria. There were no requests for 15 billion cubic meters."

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