First string of Turkish Stream pipeline to cost $4.72Bln

  11 August 2015    Read: 1026
First string of Turkish Stream pipeline to cost $4.72Bln
Russian energy giant Gazprom estimates the cost of constructing the first branch of the Turkish Stream pipeline at
“The total cost [of the Turkish Stream pipeline] is currently estimated at €11.4 billion excluding VAT. The cost of the first branch of the gas pipeline will be about 4.3 billion euros excluding VAT,” Serebryakov said on a conference call with investors.

In July, a source in the Russian Energy Ministry told journalists that Russia had sent a proposal for the construction of the first branch of the gas pipeline to Turkey.

The Turkish Stream will have an annual capacity of 63 billion cubic meters and will run from Russia to Turkey beneath the Black Sea. The pipeline will continue to a hub on the Turkish-Greek border, from where it would be extended to Southern Europe.

The Turkish Stream gas pipeline was launched as a replacement to the South Stream pipeline project that Moscow cancelled in December 2014, citing the "non-constructive" stance of the European Union on the issue.

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