Gas market news

7 April 2015

Five European countries support Russian gas supplies via Turkey

Foreign Ministers of Greece, Serbia, Macedonia, Hungary, as well as Turkey’s Minister for EU affairs held a meeting in Budapest. The negotiations resulted in the signing of a joint declaration aimed at strengthening regional energy cooperation.

The ministers expressed political support to a commercially viable project of diversification of routes and sources for the delivery of natural gas from the Republic of Turkey to the countries of Central and South Eastern Europe. The representatives of the five states also agreed to organize meetings on a regular basis and decided to set up an expert group for the development of gas transport infrastructure.

On December 2014, Gazprom announced the construction of an offshore gas pipeline across the Black Sea and Turkey. As planned, «Turkish Stream» will hit the shore in the European Turkey near Kıyıköy with gas delivery point at Lüleburgaz for the Turkish customers, and a border crossing between Turkey and Greece in İpsala serving as delivery point for the European customers. The length of Turkish onshore section will total 180 km. The capacity of four strings totals up to 63 bcma, including 47 bcma to be supplied to the Turkish-Greek border.

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