Turkish Stream to Employ Dozens of Greek Companies – Energy Minister

The extension of Russia’s gas pipeline Turkish Stream to Greece will create new jobs and employ "many dozens" of Greek companies, Greek Energy Minister Panagiotis Lafazanis told Sputnik Friday.

MOSCOW (Sputnik), Anna Liatsou — Earlier on Friday, Russian and Greek Energy Ministers, Alexander Novak and Panagiotis Lafazanis, signed a memorandum on construction of an extension of the Turkish Stream gas pipeline.

"Many dozens of Greek companies will be involved in the process. They will help the construction and later, the need to support the pipeline will create new working places and special activity for Greek companies," Lafazanis said.

The Turkish Stream is a pipeline intended to have an annual capacity of some 63 billion cubic meters of gas. The pipeline will run from Russia to Turkey across the Black Sea, ending in a gas hub on the Turkish-Greek border, from where it is planned to continue to southern Europe. It is expected to become operational in December 2016.

Russia-Greece Company to Assist Gas Hub Construction to Be Set in Weeks

A Russian-Greek company facilitating the construction of the Turkish Stream gas pipeline extension to Greece, will be created within weeks, Panagiotis Lafazanis told Sputnik.

Earlier in the day, Alexander Novak said that Moscow and Athens would create a joint project company on a 50-50 basis within the framework of a memorandum on construction of a pipeline on Greek territory, signed by the two ministers.

"The preparation for the construction [of pipeline] has already begun and the construction itself will begin immediately after the company is set. The creation of the company will be in the nearest future, in a couple of weeks," Lafazanis said.

The Greek energy minister added that the company, a subsidiary of Russia’s Vnesheconombank (VEB), will be fully responsible for the construction and use of the pipeline.