TurkStream agreement ratified by the Parliament – Turkey, 2 December 2016

On 1 December, Turkish Parliament has passed the bill ratifying an intergovernmental agreement with Russia on the construction of TurkStream gas pipeline.
Turkey and Russia have signed an intergovernmental agreement on the construction of TurkStream gas pipeline during the visit of Russian President Vladimir Putin to Istanbul, where he attended the 23rd World Energy Congress. Russian Minister of Energy Alexander Novak and his Turkish counterpart Berat Albayrak have signed the agreement, after the meeting between President Putin and Turkish President Recep Tayyip Erdogan. According to the agreement, the construction should start next year and the completion of the project is expected by 2019. The Agreement prescribes the construction of two pipes, while initially only one pipe will be built. Most of the construction works will be performed by Russian companies and Gazprom will retain the ownership of the offshore section of the pipeline, while Turkish side should get long-awaited gas discount on Russian gas.

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