Gazprom to double investments in Turkish Steam to USD 1.5 billion in 2017

The leading Russian gas producer, Gazprom, might double the funds for financing the project of the construction of the Turkish Stream pipeline by RUB 50 billion (USD 863 million) in 2017.

– The changes to the investment program for 2017, which are to be considered by the Board of Directors, entail an increase in investments in the realization of the Turkish Stream project by around RUB 50 billion – a source from Gazprom info service says for Tass.

The company previously planned to invest RUB 41.92 billion (USD 694.21 million) in the project in 2017.

The management of Gazprom approved the revised drafts of the investment program, the budget (financial plan) and the program of cost optimization for 2017 on September 14. In line with the revised draft investment program for 2017, total investments of Gazprom in the current year will amount to RUB 1.13 thousand billion (USD 19.4 million), an increase of 23.9% compared to the plan that was approved in December 2016.

The Turkish Stream project entails the construction of a pipeline across the Black Sea to the European territory of Turkey and further to the Greek border. The section at the bottom of the Black Sea will by 910 km long, and the section to be laid down across the Turkish territory will have 180 km.

On May 7, 2017, Gazprom started building the undersea section of the Turkish Stream pipeline from the Russian coast of the Black Sea. The first line is meant for gas delivery to the Turkish market, and the second one for South and Southeast Europe.

Each line will have a capacity of 15.75 billion cubic meters of gas a year. The total costs of the project have been estimated at EUR 11.4 billion (USD 12.98 billion), Tass reports.

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Turkish Stream pipeline

transport of Russian gas

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