Gazprom advances Turkish Stream loan

The loan is provided for replenishment of working capital, interest is charged monthly at a rate of 3.98% per annum of the amount owed on principal. The loan is repayable no later than December 30, 2023.

(kredir illik 3.98%-le odenilmemish mebleg uchun hesablanir ve 2023-cu ilin 30 Dekabrindan gec olmayaraq baglanmalidir – yeni qisamuddetlidir)

In late May, Gazprom and the government of the Turkish Republic signed a protocol on the overland section of the transit line of the Turkish Stream gas pipeline to supply Russian gas to European consumers.

In the development of the protocol, Gazprom and Botas signed an agreement on the basic conditions and parameters for the construction of this site. Signing documents allows you to move to practical steps to implement the project. The joint project company TurkAkin Gaz Tasima A. S., which will be created on a parity basis, will be engaged in the construction of the overland section.

Earlier, Deputy Chairman of the Russian Gas Holding Vitaly Markelov reported that Gazprom was negotiating the route of the second branch of the Turkish Stream in Turkey. At the conference call, Gazprom’s deputy chairman of the board, Alexander Medvedev, said that the company would soon determine the route of the second thread of the Turkish Stream gas pipeline for gas supply to the countries of South and South-Eastern Europe. According to him, now two main options are being discussed in accordance with the procedures in the European Union and the European Commission. As potential markets, he named Greece, Italy, Bulgaria, Serbia and Hungary.

Note that on June 2, Russian Prime Minister Dmitry Medvedev held a telephone conversation with his Turkish counterpart Binali Yildirim, during which the two heads of government discussed the construction of the Akkuyu nuclear power plant and the Turkish Stream gas pipeline.

As reported on the website of the government of the Russian Federation, Medvedev and Yildirim noted the importance of intensifying cooperation with interested ministries and agencies of Russia and Turkey in order to create favorable conditions for the expansion of bilateral cooperation in a wide range of areas.

Gazprom began construction of the offshore section of the Turkish Stream gas pipeline in May 2017. Construction of the sea section of the first string, length of 930 km, was completed in late April this year.

The first line will be intended for the Turkish market, the second – for gas supply to the countries of South and South-Eastern Europe. The power of each thread is 15.75 billion cubic meters. m of gas per year. The first gas supplies are planned in late 2019.