Russia’s Gazprom Estimates Investments Into Turkish Stream Pipeline at $6Bln

© Sputnik / Mikhail Voskresenskiy / Go to the photo bankGazprom office building
Gazprom office building - Sputnik International
Deputy Chairman of Gazprom's Management Committee said that the amount of expected investments into the Turkish Stream makes some $6 billion.

Turkish Stream pipeline - Sputnik International
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MOSCOW (Sputnik) The expected amount of investments into the Turkish Stream gas pipeline project is estimated to be around $6 billion, Deputy Chairman of Gazprom's Management Committee Andrey Kruglov said on Thursday.

"The amount of expected investments into the Turkish Stream makes some $6 billion. As for the project financing, we said that such a possibility exists for financing the underwater part of the Turkish Stream. However, we were planning that the Turkish Stream may be realized only at the expense of Gazprom’s funds," Kruglov said at a press conference.

The executive added that as of now, Gazprom has not held talks on attracting financing for the Turkish Stream pipeline with banks.

Earlier in June, Kruglov said that Gazprom had launched negotiations with Russian and foreign banks on the financing of the Turkish Stream project.

The intergovernmental agreement on the construction of two underwater parts, or legs, of the Turkish Stream gas pipeline in the Black Sea was signed by Russia and Turkey in October 2016. The annual capacity of each leg is estimated to reach 15.75 billion cubic meters of natural gas, with one leg meant to supply gas to Turkey and the other, to Europe.

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