Inextricable residue

The costs of the construction of the Turkish Stream gas pipeline will most likely completely fall on Gazprom, since it has not yet been possible to attract funds of foreign banks and is unlikely to be able to. This was stated by the deputy chairman of the Russian company Andrei Kruglov at the bottom of the investor in London, the Vedomosti reports .

“Based on the existing reality, most likely the“ Turkish stream ”will be initially funded from the Gazprom budget and will further be refinancing in the form of design bonds,” Kruglov noted.

In addition, the deputy chairman of the board announced an increase in the cost of construction. “Previously, we said that the cost of the project will be about $ 6 billion, now we estimate about 7 billion about 7 billion,” Kruglov noted.

In 2014, Gazprom was included in the US sanctions list in connection with Russian aggression in Ukraine.

President Vladimir Putin reported the idea of ​​laying the Turkish Stream in December 2014 . He explained that the implementation of the previously planned South Stream project is impossible due to the position of the European Union. It was decided to redirect Russian energy resources to other markets, Putin said.

However, the signing of the agreement between Russia and Turkey was constantly postponed. In 2015, after the deterioration of relations between countries due to the incident with the Su-24 Russian bomber shot down by the Turkish Air Force, negotiations on the “Turkish stream” were completely suspended .

When relations between the two countries normalized, the discussion of the project resumed. On August 8, 2016, Turkish President Recep Tayyip Erdogan said that Ankara is ready to immediately take all the necessary steps to implement this project. The Turkish parliament ratified the agreement on the implementation of the Turkish Stream project, and on December 6, 2016, Erdogan signed the law on ratification of the agreement . Pipe laying began in May 2017.

In November, the first thread of the "Turkish stream" entered the exclusive economic zone of Turkey . To date, more than 520 km of 930 pipes have been laid in submarines.