Qatar's LNG is expensive compared to Russian gas (although Russian gas is also not cheap). New LNG terminals will not be easy to build in the short term; it is a very expensive process. It also possible to increase the efficiency of processing and transmission of gas through the introduction of modern technology, however, it will not completely solve the problem.

Nord Stream 2 project will be commissioned in the fourth quarter of 2019, in line with previous declarations that forecasted the new pipeline to be commissioned in 2019.

The ability of the US with its newly found export capacity mostly based on shale gas development provides gas into the global market, he explained, for which the European market can benefit as long as the prices in Europe are attractive to a US producer.

Gazprom has already spent €1.8bn on purchasing physical pipe for the first and second “strings” - or lines, of pipe to be laid under the Black Sea. Pipe, delivered by Germany’s Europipe and Russia’s United Metallurgical Company (OMK) under the first string contract, signed in January 2014, is now largely stashed on the wharves of the Bulgarian port of Varna. The fate of pipe ordered for the second string, under contracts placed in March 2014, is not known.

Norway traditionally vies with Russia to be the EU’s top gas supplier, providing about 30 per cent of import demand. In terms of energy security, EU officials hail Norway as a model of stability compared with the political and commercial risks associated with Russia and Algeria.

"I will defend the position for the construction of Nord Stream II and (a) gas hub in Bulgaria - it is advantageous for the country and nobody can reproach me for that," Borisov told reporters.

The development of economic relations starting with the so-called suitcase trading of the early 1990s when Russian and Turkish tourists began to visit each other’s country, engaging in cross-border commerce, and ending with complex investment project such as Russia’s planned Akkuyu nuclear power plant in Turkey contributed to the softening of those rivalries.

"We highly value our interaction within consultations on the situation in the oil market between OPEC and leading non-OPEC producers," Novak said.

"Russia has made huge investments in exploration, refining, and transportation of gas and holds a great share of supplying security. The country plans to increase its output to 855 billion cubic meters per year by 2035," Putin said.

Russia is a strategic partner of Iran, Iranian Oil Minister Bijan Namdar Zangeneh said during the talks with Russia’s Energy Minister Alexander Novak in Tehran at the third Gas Exporting Countries Forum (GECF) summit on Monday."Moscow is a strategic partner of Iran," the Iranian minister was quoted by IRNA news agency.