Turkish Stream Gas Pipeline does not become ‘victim’ of Russia-Turkey tension

Russia currently has no plan to freeze the overall construction of the Turkish Stream gas pipeline as tension between Russia and Turkey continues over the shooting of a Russian jet fighter by the Turkish Air Force.

Although, according to Newsweek, the Russian-Turkish Intergovernmental Commission on Trade and Economic Cooperation—the body through which large joint-projects between the two countries are agreed—has been suspended for the time being. This would not affect the projects already under construction, including the so-called “Turkish Stream” pipeline

Reuters reports, that two sources at Russia’s Gazprom said that this move is in retaliation for Turkey’s hostile activity, as Russia continues to impose sanctions against Turkey.

“We’re expecting that the head of state, in all likelihood, could declare a freezing of the Turkish stream, or at least some kind of timeout should be announced,” one source said.

The Turkish Stream project was to build a new gas pipeline under the Black Sea to Turkey, and in subsequent phases the construction of a further line from Turkey to Greece, and then overland into Southeastern Europe.

source:greece.greekreporter.com, By Philip Chrysopoulos – Dec 2, 2015

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Russia wishes to contribute in the restructuring of the Greek economy by offering facilitations through direct exports of hydrocarbons, oil and natural gas to Greece, stated Energy Minister of Russia Alexander Novak on Sunday.

He said that “the Russian Federation is willing to support in the restoration of the Greek economy via the broadening of the cooperation in the energy sector. For this reason we examine the possibility of organizing direct exports of energy raw materials to Greece in the immediate future”. Novak also clarified that “we are working on it and we believe that we will reach an agreement within the next weeks.”

Source: AMA/MPA

 By  Anastassios Adamopoulos-

– See more at: http://greece.greekreporter.com/2015/07/12/russian-energy-minister-russia-willing-to-help-greece-through-exports/#sthash.w4bhkxps.dpuf

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Greek and Russian authorities on Friday signed a memorandum of cooperation for the construction of a “South European Pipeline”, beginning in 2016 and scheduled to be completed in 2019.

The memorandum, signed in St Petersburg by Greek Productive Reconstruction, Environment and Energy Minister Panagiotis Lafazanis and Russian Energy Minister Alexander Novak, envisages that the company which will build and operate the project will be equally owned (50-50) between Greece and Russia, while the Russian side will offer funding facilities using future revenues from the project as collateral.

Lafazanis also signed a joint declaration for the support of the project with the president of Vnesheconombank–VEB, Vladimir Dimitriev.

The memorandum, characterized as “of historic significance” by the Greek ministry, underlines –among others- the need to strengthen European energy security through the divergence of natural gas routes to European markets, safeguarding supply stability of Greece with natural gas from Russia and the ability of transporting natural gas towards third countries.

For the construction of the project, a special purpose company will be set up (50-50), while new shareholders will be able to participate following agreement. Greece will be represented by Public Enterprise of Energy Investments, soon to be set up.

The pipeline will have a transport capacity of 47 billion cubic metres of gas annually. Greece and Russia also pledged to facilitate the special purpose company so that “third parties to be named by the Russian founder to pledge up to 100 pct of the pipeline’s capacity for natural gas supplies which will be transported through Greece”. Also, Greece will offer all legal support to issue all necessary licenses and the interconnection of the pipeline with the Greek natural gas transmission system and third countries’ systems.

The natural gas pipeline system, currently designed, will by-pass Ukraine, through the Black Sea, through Turkey and Greece, towards Europe.

19-6-2015 http://www.newsbomb.gr/en

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