18:08 GMT +318 January 2020
Listen Live
    Business
    Get short URL
    0 64
    Subscribe

    The Greek Energy Ministry said that a subsidiary of Russia’s Vnesheconombank will hold a 50 percent stake in the construction company that will be building the extension of the Turkish Stream gas pipeline to Greece.

    MOSCOW (Sputnik) — A subsidiary of Russia’s Vnesheconombank (VEB) will hold a 50 percent stake in the construction company that will be building the extension of the Turkish Stream gas pipeline to Greece, the Greek Energy Ministry said in a statement Thursday.

    The Greek Ministry said that a subsidiary of VEB bank “will take a 50-percent stake in the construction and administrative company [of the Turkish Stream extension to Greece.]”

    The Turkish Stream is a proposed pipeline with an annual capacity of some 63 billion cubic meters. 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.

    Earlier on Thursday, Russian Energy Minister Alexander Novak said that Moscow and Athens will sign an agreement on the construction of the extension of the Turkish Stream pipeline to Greece on Friday.

    Related:

    Russia to Build New Gas Pipeline to Germany
    Independent Gas Exporters to Negatively Affect Power of Siberia Pipeline
    Greece Hopes to Sign Framework for Gas Pipeline Deal With Russia in June
    Tags:
    pipeline, Turkish Stream gas pipeline, Vnesheconombank, Greece, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik