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Russia and Greece to build Turkish Stream pipeline

Staff writer |
Greece and Russia signed a memorandum on extending the planned Turkish Stream gas pipeline to Europe through Greek territory, with financing coming from Russia.

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Greek Energy Minister Panagiotis Lafazanis said at the signing ceremony in St. Petersburg that Greece needed support and not pressure during its debt crisis and that cooperation with Russia was not aimed against other countries or Europe.

Also speaking at the ceremony, Russian Energy Minister Alexander Novak said Russian state-owned gas producer Gazprom would not own the Greek part of the pipeline.

Novak said ownership would be split in equal parts between Russia and Greece and that financing could come from state development bank Vneshekonombank (VEB) or other Russian banks. The cost of the project had not been assessed yet, he added.

Under Gazprom's plans, the Turkish Stream pipeline will be split into four lines with a total capacity of 63 billion cubic meters a year. The first line is to supply just Turkey.

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