The gas company has already built 430 km of the Turk Stream gas pipeline.
In the first stage, the pipeline is fully financed by Gazprom. They are planning to complete laying the two of its strings in May 2019, Bloomberg reports with reference to representatives of Gazprom’s South Stream Transport B.V. At a press conference in Istanbul, representatives of the company also reported that initially, the pipeline construction would be fully financed by Gazprom.
Press Secretary of the company Asli Toksabay Esen noted that the Turkish state-owned company Botas and Gazprom are responsible for the construction of the pipeline from Kiykoy to Europe via Bulgaria or Greece, depending on who the buyers of the rest of the gas will be. According to him, if Bulgaria, the pipeline can go to Serbia and Hungary; if Greece, it will go to Italy.
Gazprom estimates the cost of the Turk Stream project at about $6 billion, according to Bloomberg. Gazprom began the construction of the offshore section of the Turk Stream at the Russian coast of the Black Sea on May 7. The project involves the construction of a gas pipeline across the Black Sea to the European part of Turkey and further to its border with Greece. The length of the offshore part of the pipe should be about 910 km, the land part in the Turkish territory is 180 km. The first line will be designed for the Turkish market, the second one will supply gas to South and South-East Europe countries.
The capacity of each pipeline string is 15.75 billion cubic meters of gas per year. The total project cost with the possible construction of four pipeline strings was previously estimated at 11.4 billion euros. Gazprom’s investments in the project in 2017 will be 41.92 billion rubles.
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