Putin Seals Turkish Stream Pipeline Deal

Business » ENERGY | February 8, 2017, Wednesday // 07:44
Bulgaria: Putin Seals Turkish Stream Pipeline Deal File photo, EPA/BGNES

Russian President Vladimir Putin has signed a federal law ratifying the agreement between Moscow and Ankara on building Turkish Stream pipeline.

His move gives way for construction to kick off, nearly four months after the two countries inked the bilateral deal in Istanbul on October 10, 2016.

Russian energy concern Gazprom will be in charge on the Russian side, while Turkey's Botas will be responsible on the receiving end.

Kremlin officials said in January all permits necessary to begin building the pipeline.

Turkish Stream was announced as a substitute to the South Stream gas pipeline in December 2014, with Putin scrapping the latter project due to obstructions from Bulgaria, where the pipe was to fall after crossing the Black Sea.

Initially, it was designed to involve four threads transporting a total volume of 63 billion cubic meters of gas, the amount of South Stream.

But current plans foresees two pipes, each of 15.75 bcm. One will carry gas to Turkey and the other will use it as a transit destination for Southeast Europe.

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Tags: Turkish Stream, Vladimir Putin, South stream, Russia, turkey
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