Gazprom, Turkey sign TurkStream deal

Multinational

MOSCOW, May 28, 2018 – Gazprom and Turkey have agreed on the terms for the construction of the land-based portion of the TurkStream pipeline, the Russian gas giant announced over the weekend.

“Long discussions resulted in an agreement to provide a discount amounting to 10.25% for gas supplies in 2015 and 2016,” Turkish President Recep Tayyip Erdoğan was quoted as saying by Russia’s Tass agency. “The difference in payments for those two years of USD 1 billion will be returned to the [Turkish] republic.”

Construction of the deepwater section of the pipeline, running under the Black Sea, was completed in April. First deliveries are expected in late 2019.

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