FIVE COUNTRIES SEEK TO CARRY OUT RUSSIA’S TURKISH STREAM PROJECT IN EUROPE

(c) Sputnik/ Igor Zarembo
BUSINESS
14:48 08.04.2015Get short URL
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Hungary, Serbia, Macedonia, Greece and Turkey seek ways to diversify
routes and channels of natural gas deliveries to Europe through Turkey,
according to a declaration foreign ministers of the five countries
signed in Budapest on Tuesday.

(c) AP PHOTO/ PETR DAVID JOSEK Turkish Stream May Bring Energy Security
to Europe – Senior Greek Official The declaration paves the way for
the five countries to participate in the project based on the so-called
Turkish Stream gas pipeline, according to the Kommersant newspaper. The
Russia daily added that Austria could also join the venture.

The Turkish Stream pipeline is an alternative to the South
Stream, which Russia terminated in December 2014, citing Brussels’
opposition to the project. The pipeline with an annual capacity of
63 billion cubic meters will deliver gas to Turkey via a gas hub on
the Turkish-Greek border for further distribution to consumers in
southern Europe.

The declaration reflects only political intent. The five countries
and companies interested in the project will have to convene again
on multiple occasions to discuss details of the venture. The next
ministerial meeting is expected to take place in July but bilateral
talks will start earlier.

The first leg of the Turkish Stream pipeline is scheduled to be
completed by the end of 2016.

Gas talks could become on the key issues during talks between the
Greek Prime Minister Alexis Tsipras, who is on a two-day visit to
Moscow, and Russian President Vladimir Putin.

(c) AP PHOTO/ MURAD SEZER, FILE Putin, Tsipras to Discuss Connecting
Greece to Turkish Stream If the countries decide to take part in the
Turkish Stream project, Gazprom will have an opportunity to deliver
gas to Europe bypassing Ukraine without drastically altering existing
deals with the customers, Kommersant pointed out. But it has other
implications too.

Cordial relations with current and aspiring EU members, who try to
carry out independent foreign policy, are of high value to Russia
against the background of Moscow’s current relations with the West.

The European Commission will likely be against any joint ventures,
focusing on Russian gas. The EC is developing legal mechanisms, which
will allow it to block any intergovernmental agreements and business
contracts deemed harmful for the EU energy security.

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