Russian Sberbank is ready to finance Turkish Stream

Russian Sberbank declared its readiness to finance the construction of the Turkish stream gas pipeline, Turkish Kanal7 TV channel reported with reference to the Chairman of the Board of Sberbank of Russia Sergey Gorkov Jan. 23.

He expressed certainty that operations are being conducted in this direction.

“At present, Sberbank of Russia sponsors a number of projects in Turkey,” he said.

During the talks in Turkey on December 1, 2014, Russian President Vladimir Putin talked about ceasing the South Stream gas pipeline from Russia to Bulgaria. A new project was immediately initiated in the same volume of 63 billion cubic meters, designed for Turkey and consumers of the EU countries capable to take the required volumes from the trading hub on the border between Turkey and the EU (Greece).

Russian Energy Minister Alexander Novak said on Dec. 10 that the representatives of the Russian Federation and Turkey intend to meet in December to discuss the issue of the new pipeline construction. At present, the sides are analyzing various options of its route.

“At present, the negotiations are underway at the level of economic entities because they must clearly define the route and consider different variants of the further hub site, the gas pipeline route across the Black Sea,” the minister said. “There are different options. So, it is first necessary to analyze all technical and economic indices. Gazprom and Botas are involved in this process.”

South Stream is the transnational gas pipeline project, which was worked out to diversify the natural gas supply routes to European consumers. It envisaged natural gas supply across the Black Sea to South and Central Europe. It was planned to start constructing a gas pipeline from Russia’s Black Sea coast, the town of Anapa, Krasnodar region, then across the Black Sea by crossing Bulgaria’s coastline.

trend.az