Turkish Stream pipeline cost revealed

On Monday, Russia’s state-owned oil and gas company Gazprom announced that the cost of construction for the Turkish Stream pipeline was estimated at €11.4 billion, not including taxes. According to the company, the first branch alone will cost €4.3 billion excluding taxes.

“We’ve sent two offers to Turkey, one [offer] on one line and another on four lines. Currently, the Turkish side is considering those offers,” Turkish newspaper Hurriyet Daily News reported a Russian energy ministry representative as saying.

With an initial capacity of 63 bcm (2.22 tcf), the pipeline route is planned to travel through the Black Sea to the Turkish-Greek border.

The pipeline, which is a replacement of the abandoned Southern Stream pipeline project through Bulgaria, will be critical to Russia for exporting natural gas to European markets. The original project was scrapped after Russia backed out due to permitting difficulties and sanctions.

For more news and features on Russia, click here. 

Recent Posts

UK allows oil exploration in North Sea wind project zones

The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More

2 days ago

ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse

ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More

2 days ago

BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin

BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More

2 days ago

Chariot starts gas drilling campaign in Morocco

Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More

2 days ago

Touchstone acquires Trinidad E&P player Trinity

Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More

3 days ago

ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG

ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More

3 days ago

This website uses cookies.