Gazprom to invest around $703 million in Turkish Stream pipeline this year

MOSCOW

Gazprom’s investments in gas midstream will grow by 6.8 percent year-on-year to 911.2 billion rubles ($15.3 billion), including the Turkish Stream project, the Russian gas holding said on Jan. 19, as reported by TASS. 

Investments in the Turkish Stream project will total 42 billion rubles ($702.7 million) in 2017, according to the report. 

The investment program incorporates the Nord Stream-2 gas pipeline project with investments totaling 110.7 billion rubles ($1.9 billion). The pipeline was not present in the last-year program. The Nord Stream-2 gas pipeline is intended to be commissioned at the turn of 2019.

Investments in the Power of Siberia gas pipeline will also be 158.8 billion rubles ($2.7 billion rubles) this year, TASS reported. 

The program also comprises a liquefied natural gas production, storage and shipping facility in the Portovaya compressor station area near the Baltic Sea, with investments totaling 46.4 billion rubles ($776.2 million).

It was reported earlier that Gazprom had approved the investment program for 2017 last December. Financing of the corporate investment program will amount to 910.7 billion rubles ($15.2 billion) in 2017.