Gazprom allocated 310 million Euros for Turkish Stream pipeline
The Board of Directors of Gazprom decided to provide a company called South Stream Transport B.V. with about 310 million Euros for the construction of the Turkish Stream gas pipeline, RIA Novosti reported, citing Gazprom documents.
Details of the agreement were not disclosed, but it was specified that money would be spent for purchasing pipes and equipment, paying construction activities, purchasing necessary goods and administrative spending.
Earlier, it was reported that South Stream Transport B.V. signed a contract with the company Allseas Group S.A. for constructing the first string of Turkish Steam with an option to lay the second string.
On December 6, Turkish President Recep Tayyip Erdoğan signed the law on Turkish Stream that envisions the construction of two branches of the main gas pipeline under the Black Sea, bypassing Ukraine. The first string will be for gas supplies to the Turkish market while the second one is intended for transit of gas to Europe.