Tuesday, December 2, 2014

Russia and Turkey have agreed to build a new offshore gas pipeline

Gas dynamics in Europe have taken a surprise twist with announcement Monday that Russia and Turkey have agreed to build an offshore gas pipeline.

Gazprom’s head Alexey Miller said that a memorandum of understanding had been signed for the construction of an offshore gas pipeline to Turkey with the annual capacity of 63 billion cubic meters, the same volume as the proposed South Stream pipeline.

Speaking about South Stream, Miller said, "That’s all, the project is closed.

Earlier, Russian President Vladimir Putin had told a news conference that Russia would not continue the South Stream project “in the current conditions.”

"If Europe does not want to carry out (South Stream), then it will not be carried out," Putin said.

Complete story at - Russia and Turkey have agreed to build a new offshore gas pipeline

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