Gazprom sees investment in Turkish Stream pipeline at $6 bln

MOSCOW, Jun 22 (PRIME) -- Russian gas giant Gazprom expects investment in the Turkish Stream natural gas pipeline at U.S. $6 billion, Deputy CEO Andrei Kruglov said in a news conference on Thursday.

“The amount of planned investment in the Turkish Stream stands at $6 billion. Speaking of project financing, we’ve said before that there is such a possibility for financing of the off-shore part of the Turkish Stream. Still, we’ve planned that the Turkish Stream can be implemented with only Gazprom’s own money,” he said.

Gazprom is not negotiating attraction of project financing for the Turkish Stream from banks.

But on June 1, Kruglov said that Gazprom started talks with domestic and foreign banks to raise project financing for the Turkish Stream.

In October 2016, Russia and Turkey signed an agreement to build the pipeline, which will consist of two branches with a capacity of 15.750 billion cubic meters each. One of them is to supply gas to Turkey and the other to transit gas to the European countries through Turkey. Under the agreement, the pipeline should be built by December 2019.

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