21:57 GMT01 April 2020
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    Turkish Stream Gas Pipeline Project (49)
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    The Turkish Stream gas pipeline project will be implemented on time, regardless of the new US law that expands sanctions against Moscow, Russian Energy Minister Alexander Novak said Friday.

    MOSCOW (Sputnik) — Novak explained that the contracts concerning the construction of the gas pipeline were concluded, and the construction was underway.

    "We believe that the project will be implemented regardless of what normative legal acts or laws are adopted," Novak said in an interview with Rossiya-24 television.

    Novak said that Russia is discussing the possibility of gas supplies through the Turkish Stream pipeline with Bulgaria, Greece and Italy.

    The minister added that there was "much uncertainty" regarding the new US sanctions that target Russia's energy industry.

    On August 2, US President Donald Trump signed a bill imposing sweeping sanctions on Russia, Iran and North Korea. In particular, the anti-Russia sanctions target the country's defense and economic sectors, restrict dealings with Russian banks and energy companies, as well as counteract the construction of the Nord Stream 2 pipeline.

    Last week, international ratings agency Moody's said the new US sanctions law could challenge the schedule of the Nord Stream 2 and the Turkish Stream pipelines construction in terms of raising the projects financing.

    The Turkish Stream project presupposes the construction of the two conduits of the main gas pipeline along the bottom of the Black Sea, with an annual capacity of 15.75 billion cubic meters of gas each. One route is designed to deliver gas directly to the Turkish market, another one is for transit gas supplies through Turkey to the European countries. The construction of the first portion was launched in May and is expected to be put into operation in March 2018, while the second — in 2019.

    Turkish Stream Gas Pipeline Project (49)


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    gas piplines, Turkish Stream pipeline, Turkey, Russia
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