ECONOMY


MAJOR PIPELINE TO BE BUILT IN EUROPE

Turkey and Greece signed on Tuesday (23 December) an agreement on interconnection of natural gas networks through 280 kilometres of pipeline.

Energy and Natural Resources Minister Hilmi Guler, Greek Development Minister Apostolos Athanasios Tsokhatzopoulos, administrators of Petroleum Pipeline Corporation and Greek DEPA company signed the agreement. Under the agreement, 209 kilometres of the pipeline will be constructed in Turkey. The construction is expected to cost 80m US dollars.

The rest of the pipeline will be constructed in Greece and it is expected to cost 15m Euro.

Seven hundred and fifty million cubic meters of natural gas will be transferred to Greece a year at first stage.

Eleven billion cubic meters of natural gas, including 3bn cubic meters to Greece and 8bn cubic meters to South Europe via Italy, is targeted to be transported through the pipeline in following years.

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