Russia Ready to Discuss Opportunity to Work on Turkish Stream - Putin

Russian President said that Russia is ready to discuss with all companies the opportunity to work on the Turkish Stream project, while Hungary's role as a transit country has not diminished following the cancellation of the South Stream pipeline project.

BUDAPEST (Sputnik) — Russia is ready to discuss with all companies the opportunity to work on the Turkish Stream project, while Hungary's role as a transit country has not diminished following the cancellation of the South Stream pipeline project, Russian President Vladimir Putin said Tuesday.

"Unfortunately, as you know, we had to cancel the South Stream pipeline project, but I believe that the experience that we have built together with the Hungarian partners, the jointly created venture, may be used also in expanding the work with our Turkish friends regarding the so-called Turkish stream. There are different options here, and we are ready to discuss them with anyone who is interested in cooperation," Putin said after talks with Hungarian Prime Minister Viktor Orban.

The Russian leader stressed that "Hungary's significance as a potential transit country for Russia has not diminished" and that all of Hungary's investments will be "securely protected".

Hungarian Prime Minister in his turn said that Hungary is interested in gas transit from Russia to Europe through Turkey.

“The South Stream has, unfortunately, dropped out. But Hungary is fully committed to continue investments… Hungary carries double responsibility [for gas transit], because Serbia receives gas needed for its survival via Hungary,” Orban said.

Orban highlighted a profitability of Turkish pipeline project, which would transit Russian gas to Greece, Macedonia, Serbia and Hungary.

Russian energy giant Gazprom and its Turkish partner Botas have already mapped out the route of the pipeline with an inter-governmental agreement expected to be inked in the second quarter of 2015. The first leg of the pipeline is scheduled to be completed by the end of 2016.

Turkish Stream's capacity is expected to stand at 63 billion cubic meters of gas a year, which is equivalent to what the South Stream was to carry to Europe. Turkey will receive around 16 billion cubic meters of gas via the new pipeline, with the remaining 47 billion earmarked for Europe.