Russia’s Gazprom forecasts cost of Turkish Stream pipeline at $6 bln

MOSCOW

Russia’s largest natural gas producer, Gazprom, estimates the cost of building two lines of the Turkish Stream gas pipeline to be $6 billion, Gazprom Deputy Chief Executive Andrei Kruglov was quoted as saying by Reuters on June 22. 

The first line is to run to Turkey, while the second one will ship natural gas to Europe.

Gazprom said on May 7 that construction had begun for the pipeline under the Black Sea to Turkey, which is meant to eventually also serve the European Union.

“Construction of the TurkStream gas pipeline began in the Black Sea near the Russian coast,” Gazprom said in a statement.

“Implementation of the project is on schedule and our Turkish and European customers will from the end of 2019 have a reliable new route for importing Russian gas,” said Gazprom’s chief executive, Alexei Miller, in the statement.

The Pioneering Spirit vessel, which will conduct construction of the offshore section of the Turkish Stream pipeline, transited Istanbul’s Bosphorus on May 31.