Construction of the Turkish Stream project might begin as soon as end June or the beginning of July 2015 as stated by Russian Energy minister Alexander Novak on Thursday in an interview for RBC TV.

"We are waiting for a permit that is necessary to begin the exploration work in the exclusive economic zone of Turkey and Turkey's territorial waters, where the gas pipeline will lead directly to land,'' Novak said, as quoted by TASS news agency. ''We expect that during the month of June, these permits will be given out, and the construction work on the section of the pipeline will begin. The plans are for end of June, early July.''

Meanwhile, negotiations with the EU regarding the offshore portion of the construction will take place on June 27-29.

In Novak's words, a number of Russian companies and banks have expressed their willingness to participate in the financing of Turkish Stream.

Additionally, a joint action plan agreement is expected to be signed later on Thursday between Russia and Saudi Arabia. It reportedly will involve exchange of technological information and general investment projects.