Slovakian Prime Minister Robert Fico met with Russian Prime Minister Dmitry Medvedev in Moscow and proposed a plan that would transfer gas from the Turkish border through Bulgaria, Romania, Hungary and Slovakia, thereby bypassing Greece.
Falling oil prices have resulted in much lower gas prices in many parts of the word. As a result, gas demand is enjoying the tailwind of substantial price drops while the upstream sector is suffering amid large capital expenditure cuts.
Examining the essential gas transmission infrastructure projects in Europe alone - without taking into account the upstream sector – according to the European Commission, investments of at least 70 billion EUR are required by 2020, while EU funding will provide €4.7 billion for both gas and electricity PCIs between 2014 and 2020, subject to final approval of the European Fund for Strategic Investments (in 2015).
Russia is still likely to be Europe's biggest supplier of gas. Volume-wise, no one will be able to compete with Russia in Europe, at least for the next two decades.
The volume of gas supply via the western route might be boosted to 60 and to 100 billion cubic meters of gas a year.
There will be no US-style shale gas revolution in Europe, the president of the International Gas Union (IGU) has told
Wintershall will continue investing in its core regions, with Russia remaining the most important area for the company.
Greece expected to sign a memorandum on Turkish Stream during the St. Petersburg International Economic Forum, which will be held June 18-20.
Russia's Gazprom plans to start building a pipeline to Turkey this month to get gas to Europe without going through Ukraine, company sources said, although it has no firm agreement with Ankara and faces opposition from the European Union.
The US and EU sanctions are primarily targeted at the country's oil industry, for very obvious reasons. Russia provides about 30% of Europe's gas, so it's simply not in the EU's interests to compromise Gazprom's ability to produce and export gas.