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Gazprom board approves JV for Turkish Stream

September 25, 13:38 UTC+3 MOSCOW

On September 14, Gazprom’s Management Committee approved the revised drafts of the investment program, budget and cost optimization program for 2017

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MOSCOW, September 25. /TASS/. The board of directors of Russia’s top gas producer Gazprom has approved the establishment of a project company as a joint venture with Turkish Botas for the construction of the overland section of the Turkish Stream natural gas pipeline, the company said on Monday.

Members of the board also approved the acquisition of 50 shares of the joint project company TurkAk·m Gaz Tas·ma A.S. with a nominal value of each share of 1,000 Turkish liras, with the total value of 50,000 Turkish liras, which is 50% of the charter capital of the joint company by Gazprom.

Earlier a source in the gas producer told TASS that the joint venture is being established on a parity basis for the construction of the land section of the Turkish Stream’s second line on the Turkish territory.

As reported earlier Gazprom may increase financing of the Turkish Stream natural gas pipeline construction project by 50 bln rubles in 2017 ($863 mln). Previously Gazprom’s investment in the project was planned at 41.92 bln rubles ($694.21 mln) in 2017.

On September 14, Gazprom’s Management Committee approved the revised drafts of the investment program, budget (financial plan) and cost optimization (reduction) program for 2017. Pursuant to the revised draft of the investment program for this year, the overall amount of the company’s investments will amount to 1.129 trillion ($19.4 bln), a 23.9% increase compared with the investment program approved in December 2016.

The Turkish Stream project envisages the construction of a gas pipeline across the Black Sea to Turkey’s European part and further on to the border with Greece. The seabed section is to be 910 kilometers long and the land section will run 180 km into Turkey. On May 7, Gazprom kicked off the construction of a seabed section of the Turkish Stream gas pipeline from the Russian Black Sea coast.

The first thread 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 bln cubic meters of gas a year. The overall cost of the project is estimated at 11.4 bln euro ($12.98 bln).

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