The Turkish Stream pipeline is an alternative to the South Stream, which Russia terminated in December 2014, citing Brussels' opposition to the project. The pipeline with an annual capacity of 63 billion cubic meters will deliver gas to Turkey via a gas hub on the Turkish-Greek border for further distribution to consumers in southern Europe.
The declaration reflects only political intent. The five countries and companies interested in the project will have to convene again on multiple occasions to discuss details of the venture. The next ministerial meeting is expected to take place in July but bilateral talks will start earlier.
The first leg of the Turkish Stream pipeline is scheduled to be completed by the end of 2016.
Gas talks could become on the key issues during talks between the Greek Prime Minister Alexis Tsipras, who is on a two-day visit to Moscow, and Russian President Vladimir Putin.
Cordial relations with current and aspiring EU members, who try to carry out independent foreign policy, are of high value to Russia against the background of Moscow's current relations with the West.
The European Commission will likely be against any joint ventures, focusing on Russian gas. The EC is developing legal mechanisms, which will allow it to block any intergovernmental agreements and business contracts deemed harmful for the EU energy security.