The Turkish stream project will see the construction of a natural gas pipeline via the Black Sea to Turkey.
In October 2016, Russia and Turkey signed an intergovernmental agreement for the construction of two underwater legs of the gas pipeline in the Black Sea. It is expected to be further extended to the Greek border.
The State Duma which is the lower house of the Russian parliament, ratified the agreement on January 20 with the ratification in the upper house, the Federation Council, taking place on February 1.
Russian President, Vladimir Putin has signed into law the ratification of the agreement on the gas pipeline and the document posted on the official portal of legal information.
In Istanbul after the signing of he agreement between the two nation, Putin said,
You now witnessed the signing of the intergovernmental agreement on the construction of the Turkish Stream. As part of this project and the broadening of our cooperation, we agreed on a mechanism by which to provide a discount on gas [for Turkey].”
The seabed section will be approximately 910 kilo-meters while the mainland section across Turkey is 180 km.
The two pipeline branches are envisioned to have an annual capacity of 17.75 billion cubic meters of natural gas per leg.
The gas supply via the first branch has been suggested will be aimed at meeting the needs of the growing Turkish market.The second branch will be used for gas delivery to European markets ia Turkey.
The project was previously estimated at 11.4 billion euros and will be constructed and the maritime stretch owned by Russia.
According to American economist Mark Thornton, Russia has been one of the only long term energy exporters to Europe of oil and in recent times, natural gas.
The project was suspended temporarily by Russia after the Turkish Air Force downed a Russian jet in November, 2015. It was however revived after Turkey’s public apology over the incident.
The pipe laying for the Turkish stream is set to begin in 2017 with an expected completion in late 2019.