RUSSIAN GAS FOR EUROPE
Gazprom CEO Alexei Miller announced on May 7, after a discussion with the Turkish Energy Minister, that South Stream look-alike Turkish Stream will be ready to supply Turkey with gas by December 2016.
In effect, Gazprom revived its contract with Italian contractor Saipem (controlled by state-run Eni SpA). The Milan-based company had signed two contracts worth €2.4 bn in total for the construction of an undersea pipeline and support services for construction of a second undersea pipeline, both part of much touted South Stream. The contract terms are now being renegotiated, so as to start construction in time for the 2016 deadline.
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