Commodities, Emerging Markets, Energy, Stocks

Russia, Greece Discussed Plans Of Gas Pipeline Construction Across Turkey, Lavrov Says

Greek Foreign Minister Nikos Kotzias and Russian Foreign Minister Sergey Lavrov.  Photo courtesy of TASS © Mikhail Japardze.

Greek Foreign Minister Nikos Kotzias and Russian Foreign Minister Sergey Lavrov. Photo courtesy of TASS © Mikhail Japardze.

Greece has showed interest in Russia’s plans to construct a gas pipeline across Turkey during talks on energy cooperation, Russian Foreign Minister Sergey Lavrov said on Wednesday, TASS reports.

“We discussed energy cooperation, considering Athens’ interest in the plans of building a gas pipeline from Russia to Turkey and to the Greek border,” Lavrov said.

“We believe this project has good prospects,” he said.

Lavrov’s statement followed his talks with Greek Foreign Minister Nikos Kotzias.

Russian President Vladimir Putin announced on December 1 that the project to build the South Stream gas pipeline was closed due to the European Union’s “unconstructive approach” to cooperation, in addition to Bulgaria’s decision to cease construction of the pipeline’s stretch on its territory.

Instead, Russia will build a gas pipeline to Turkey where a gas hub on the border with Europe will be created, Putin said.

Russia’s decision to supply the its natural gas via the Turkish route – bypassing Ukraine – was made by the country’s top political leadership, Chairman of the Gazprom Board of Directors Viktor Zubkov said late in January.

The Turkish Stream project will fully substitute the volume of gas that is currently being pumped to Europe via Ukraine, he said.

The Turkish Stream gas pipeline’s four lines will have a total capacity of 63 billion cubic meters of natural gas annually. The new gas pipeline will run 660 km (410 miles) along the old corridor of the South Stream project abandoned by Russia and 250 km (155 miles) in the new corridor towards Turkey’s European part, Gazprom said.

gas pipelines to Europe by 2018

Russia’s gas giant Gazprom intends to completely abandon gas supplies to Europe through Ukraine after 2018 with the help of a new pipeline to Turkey. Infographics courtesy of TASS


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