Construction of second line of Turkish Stream can be

16 November 2024

Construction of second line of Turkish Stream can be cancelled

13:19 12 October 2016 Read: 1172

Construction of second line of Turkish Stream can be cancelled

Russian gas holding Gazprom and Turkey’s Botas may engage new participants and raise third party funding for the Turkish Stream gas pipeline construction project.

"Third party funds may be drawn by joint decision of members in the company for the onshore segment 2 and by decision of the Russian member to the offshore segment," the document reads.

The intergovernmental agreement also provides for cancellation of building the second line subject to notification to the Turkish side.

"Performance capacity of the offshore segment may be lowered on account of cancelling the Offshore Segment 2 [second line of the gas pipeline], with a formal notice of the Russian party to the Turkish party," TASS cited the document as saying.

Russia and Turkey will also exempt the Turkish Stream pipeline project from certain main taxes. In particular, offshore segment operations in exclusive economic zones and on continental shelves of both nations will not be taxed.

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