Russia and Turkey may sign agreement on Turkish Stream by end of June: Minister

ANKARA / ST PETERSBURG

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Moscow and Ankara may sign the formal agreement on the planned Turkish Stream gas pipeline construction by the end of June, Russian Energy Minister Alexander Novak has said, quoted by Russia’s TASS on June 18.

“We have an understanding that the intergovernmental agreement may be signed by the end of June,” Novak said.

Russian companies and banks may participate in financing the Turkish Stream’s ground infrastructure construction in Greece, he added.

“The project is still at the working out stage, but the Russian side is ready to take part in financing infrastructure construction,” Novak said.

Turkey may join construction of the Turkish Stream pipeline’s offshore segment within its economic zone, Novak added, referring to an approximately 200 km-long section within Turkey’s economic zone.

His words come after talks between Turkish and Russian officials on the project have been postponed until next week. The proposed meeting in St Petersburg between the head of Gazprom and Turkish Energy Minister Taner Yıldız was rescheduled as both sides work to finalize the terms of the agreement, a senior Turkish Energy Ministry official told Reuters.

Although Gazprom gave no reason for the postponement, the Energy Ministry official said it was because Gazprom executives, including CEO Alexei Miller, were out of the country. Miller had begun talks with the ministry in May, and the deal is hoped to be concluded by the end of the month.