ECONOMY


Russian cabinet approves draft law on ratification of Turkish Stream deal

Baku, December 16, AZERTAC

The Russian government has approved a draft law on ratification of agreement between Russia and Turkey on the project of Turkish Stream pipeline, according to statement published on the website of the government, TASS reports.

The decision to approve the draft bill was made at a cabinet meeting on December 15.

"To approve the draft federal law "On ratification of the Agreement between the Government of the Russian Federation and the Government of the Republic of Turkey on the project of the Turkish Stream pipeline and to submit it to the State Duma in accordance with established procedure," according to the statement.

The Russian authorities announced the Turkish Stream in December 2014 to replace the South Stream gas pipeline project. It was planned that the offshore section of the Turkish Stream gas pipeline would comprise four stretches with a capacity of 15.75 bln cubic meters each.

The Turkish Stream project envisages the construction of a gas pipeline across the Black Sea to the European part of Turkey and farther to the border with Greece. The pipeline’s offshore section is expected to equal about 910 km and its overland segment on the Turkish territory 180 km.

The project is estimated at 11.4 bln euro. Gas deliveries via the first stretch of the gas pipeline are designed wholly to meet the requirements of the growing Turkish market.

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