Gazprom to Complete Offshore Section of Turkish Stream

Business » ENERGY | November 19, 2018, Monday // 09:27| Views: | Comments: 0
Bulgaria: Gazprom to Complete Offshore Section of Turkish Stream pixabay.com

Russian President Vladimir Putin will take a one-day working visit to Turkey on Monday, timed to the completion of construction of the offshore section of the Turkish Stream gas pipeline. According to the Kremlin press service, in Istanbul, the Russian leader, together with Turkish President Recep Tayyip Erdogan, will participate in the ceremony in the form of a video conference, reported TASS. 

"There will also be a meeting between Putin and Erdogan, during which issues of further development of Russian-Turkish relations and current regional and international problems will be discussed," the press service noted.

Putin has already visited Turkey twice this year. Both times due to his participation in international meetings on Syria: in April in the format of Russia - Iran - Turkey and in October in the format of Russia - France - Germany - Turkey. In both cases, Putin held separate bilateral conversations with Erdogan. The last visit to Turkey in a purely bilateral format with the President of Russia took place on December 11 last year.

In December 2014, Russia abandoned the South Stream gas pipeline project through Bulgaria and replaced it with a pipeline of similar capacity, which was later called the Turkish Stream.

 

Gazprom began construction of the offshore section of the Turkish Stream in May 2017, managed by South Stream Transport B.V. (100% subsidiary of Gazprom).

The offshore section of the pipeline runs along the bottom of the Black Sea to the coast of Turkey. Its length is 930 km. The pipeline will be continues by a 180-km land transit line to the border of Turkey with neighboring countries.

The first line will be designed for the Turkish market, the second - for gas supply to the countries of South and Southeast Europe. The capacity of each line is 15.75 billion cubic meters of gas per year. The first deliveries are scheduled for the end of 2019.

Gazprom announced the completion of deep-sea laying of the offshore section of the first Turkish Stream in April 2018.

Turkey is Gazprom’s second largest export market. Currently, Russian energy is supplied to this country through the Blue Stream pipeline and the Trans-Balkan gas pipeline. In 2017, Gazprom exported a record volume of gas to the Turkish market - 29 billion cubic meters, which is 17.3% more than in 2016, and 1.7 billion cubic meters (6.2%) more than in 2014 when the previous maximum was set (27.3 billion cubic meters).

At the end of May, Gazprom and the Turkish government signed a protocol on the land section of the Turkish Stream pipeline transit line to supply Russian gas to European consumers.

Gazprom and the Turkish company Botas concluded an agreement on the basic conditions and parameters for the construction of the section. Joint venture TurkAkim Gaz Tasima A. S. will carry out construction of the land section.

Earlier, Deputy Chairman of the Board of Directors of Gazprom Alexander Medvedev said that in the near future the company would finally determine the route of the second line of the Turkish Stream for gas supply to countries in Southern and Southeast Europe. According to him, two main options are being discussed in accordance with the procedures in the European Union and the European Commission. Medvedev cited Greece, Italy, Bulgaria, Serbia, and Hungary as potential markets.

Gazprom’s investments in the construction of the Turkish Stream for 2018 are planned at the level of 182.4 bln rubles ($2.76 bln) against almost 93 bln rubles ($1.4 bln) in 2017. The company estimates the cost of laying the pipeline at 7 bln euro.



More:
http://tass.com/economy/1031386

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Tags: Recep Tayyip Erdogan, Turkish Stream, Gazprom
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