Preparation to execution of the intergovernmental agreement between Greece and Russia to build the gas pipeline has already started – Energy Investments Public Enterprise S.A. (EIPE S.A.) state company will be involved in the project on the Greek side. The law on creation of the company was approved by the parliament on July 9, 2015, reported Panayotis Lafazanis, Greek Minister of Industrial Reform, Environment and Energy.
The pipeline construction will be funded exceptionally at the expense of the Russian capital, Greek and Russian state companies take part in the project on a parity basis. VEB Capital takes part in the project on the Russian side.
Lafazanis added that the gas pipeline draft will be the project of public interest. “This is a project without bribes, money under the table and without dark and non-transparent deals. All money from the company will be used for the welfare of the project and for the welfare of Greek and Russian people. The money will be used for nothing else,” Minister added.
At the International Economic Forum in Saint Petersburg Russia and Greece have signed the intergovernmental memorandum on cooperation and construction of continuation of the Turkish Stream gas pipeline on the territory of Greece. The project was named the Southern European gas pipeline (SEP). SEP cost is estimated at about 2 billion Euro. The construction of will begin in 2016 and will end at the end of 2019.