10:18 Oct. 12, 2016
Deal to carry Russian gas to Turkey and Europe was sealed during Putin's visit to Istanbul
The construction of the Turkish Stream pipeline project will begin in 2018. That is according to Alexey Miller, the head of Russian state-owned energy giant Gazprom.
Russia and Turkey signed an intergovernmental agreement for the implementation of the Turkish Stream project on Monday .
The agreement involves the construction of two lines of gas pipelines through the Black Sea, each with a capacity of 15.75 billion cubic meters.
One line is planned to supply gas directly to the Turkish market, while the other line aims to supply gas to Europe through Turkey.
Miller said the marine section of the pipeline will be owned and built by Gazprom, while the transport infrastructure on the territory of Turkey, as well as the gas receiving terminal will be built by Turkish BOTAS pipeline corporation.
Commenting on a possible competition with Gazprom's other mega project, Nord Stream 2, Miller said the two pipeline projects had completely different target markets.
Based on reporting by Anadolu Agency