Gazprom commits funds to TurkStream

Turkey

AMSTERDAM, December 30, 2016 – Gazprom on Friday said it would extend more than USD 300 million in loans to its subsidiary overseeing the construction of the TurkStream pipeline.

The Amsterdam-based South Stream Transport unit will receive USD 326 million for the purchase of goods and to cover expenses. The subsidiary will acquire equipment and tubular goods, as well as carry out construction and installation work.

Earlier in December, South Stream Transport awarded a contract to Allseas Group for the first line of the project, a 900-kilometre section along the seabed of the Black Sea. Allseas Group will utilise the world’s biggest ship, Pioneering Spirit, for the job. Work will get underway in the second half of 2017.