Russian state-owned energy giant Gazprom and Turkey agreed on the construction of a new pipeline project, which will carry Russian natural gas to the Greek-Turkish border via the Black Sea.

Turkish Stream to be built by December, 2016!

Russian state-owned energy giant Gazprom and Turkey agreed on the construction of a new pipeline project, which will carry Russian natural gas to the Greek-Turkish border via the Black Sea. The new pipeline, called Turkish Stream by Russians, is planned to become operational by December 2016, according to Gazprom. The Blue Stream pipeline, which currently carries Russian gas to Turkey via the Black Sea, will also be modernized with the new deal that was made yesterday in Ankara.

Meanwhile, after months of negotiations, Gazprom has agreed to provide discounts to private Turkish companies, which account for more than a third of Russian natural gas imports, Kommersant newspaper reported. According to sources, the discount will be 25 percent in the first quarter and 15 percent in the second quarter. This new deal will allow Russian company to sustain its market share in Turkey’s private sector. However, similar talks with Turkey’s state-owned energy company BOTAŞ have remained in a deadlock according to Kommersant, since the new Turkish Stream pipeline project, which is planned to carry Russian gas to Europe via the Turkish-Greek border, has yet to be settled.

Turkish companies have been paying $374 per 1,000 cubic meters. With the new agreement, the price will be at least $300 per 1,000 cubic meters from the beginning of the year and it will be reduced to approximately $260 per 1,000 cubic meters for the second quarter – meaning Gazprom will have to return payments already made by Turkish importers. According to the Russian source, the total amount will be around $250-300 million.

Source: dailysabah.com

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