"The work is proceeding according to schedule both with regard to the sea-based and overland sections and an intergovernmental agreement is being prepared between Russia and Turkey on this project along with a plan of survey works for the offshore and Turkish segments," the Gazprom official said.
"The construction term is very simple: by 2020, the volumes intended for the Turkish Stream will be transited via the pipeline," he said.
These volumes will include 14 billion cubic meters of natural gas for Turkey and 50 billion cubic meters for Europe, the Gazprom official said.
"The year 2020 is the term for the last fourth stretch," he said.
Moscow sees the Turkish Stream gas pipeline as an alternative to the South Stream project, which it abandoned in December over what it said was the EU’s unconstructive approach in energy cooperation.
Gazprom and Turkey’s Botas Petroleum Pipeline Corporation signed a memorandum of understanding on December 1, 2014, envisaging the construction of a gas pipeline across the Black Sea to Turkey.
The Turkish Stream gas pipeline will have a capacity of 63 billion cubic meters, of which 50 billion cubic meters will be supplied to a new gas hub on the Turkish-Greek border.
South Stream was Gazprom`s global infrastructure project designed to build a gas pipeline with a capacity of 63 billion cubic meters across the Black Sea to Southern and Central Europe in order to diversify natural gas export routes and eliminate transit risks.
The Turkish Stream gas pipeline will run 660 km (410 miles) along the old corridor of the South Stream project abandoned by Russia and 250 km (155 miles) in the new corridor towards Turkey’s European part.
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