Economics

Russia, Greece sign €2bn deal on Turkish Stream gas pipeline

Russia and Greece have signed a deal to create a joint enterprise for construction of the Turkish Stream pipeline across Greek territory, Russian Energy Minister Aleksandr Novak said. The pipeline will have a capacity of 47 billion cubic meters a year, Russia Today reports.

The construction costs are about €2 billion and the parties will sign a roadmap Friday, Novak told RIA at the St. Petersburg Economic Forum.

The Greek extension of the Turkish Stream project is called the South European pipeline in the memorandum signed on Friday, Novak said, adding that the construction will start in 2016 and be completed by 2019.

The two countries will have equal shares in the company, Novak said.Construction of the pipeline in Greece will be financed by Russia, and Athens will return the money afterward.

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