TURKISH STREAM IN PARTS
Russian energy producer Gazprom on Monday denied rumors that the Turkish Stream pipeline project had been cancelled by Turkey.
Aleksandr Medvedev, deputy chairman of the management committee at Gazprom, issued the denial at a press conference. He said that talk of Turkey's withdrawing from the construction of the project's second, third and fourth leg was untrue.
The Turkish Stream project, publicly announced during Russian President Vladimir Putin's visit to Turkey on Dec. 1 after the cancellation of the South Stream project.
The Turkish Stream project is a Russian proposal which will transport Russian gas to Europe while bypassing Ukraine. The project is planned to carry 63 billion cubic meters of natural gas to Europe via the Turkish-Greek border. Turkey is due to receive 15.75 billion cubic meters out of the total capacity of the pipeline.
It is planned to have four phases and will be constructed in parts.
Gazprom and its Turkish partners have decided to focus on the first phase of the project for now and to discuss the next steps later on, a Gazprom official said.
"Interpreting the situation as anything else is false" the official said and added, "the project's other phases will be determined according to Europe's demand for gas".
Russia's state-owned energy giant Gazprom estimates the cost of the construction of four pipelines of the Turkish pipeline project to be around 11.4 billion ($12.5 billion).
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