Russia, Greece to Sign Turkish Stream Pipeline Deal

Russia, Greece to Sign Turkish Stream Pipeline DealRussia, Greece to Sign Turkish Stream Pipeline Deal

Russia and Greece are to sign a memorandum of cooperation on laying a new pipeline in the Turkish Stream project which will deliver Russian gas to Europe via Greece, according to the Greek Energy Minister Panagiotis Lafazanis.

The memorandum is expected to be signed in the next few days, Lafazanis said in an interview, adding that the pipeline would be not only a route between Greece and Russia but would as well be very important for Europe, RT reported.

“The visit of the government delegation, the meeting of Tsipras and Putin open the way for the pipeline which will begin at the border with Turkey and end at the border with Macedonia in the direction of Central Europe. This pipeline is extremely important for energy security and cooperation in Europe,” he noted.

The minister said Athens expected to “receive significant financial dividends for the pipeline’s operations,” and that the pipeline will bring “important profits to Greece, first of all, cheaper gas.” Russian gas currently covers 66 percent of Greece’s energy needs.

The Turkish Stream gas pipeline could help Greece become one of the main energy hubs in Europe, Russian President Vladimir Putin said last week during his meeting with the Greek delegation. Athens could earn hundreds of millions of euro through gas transit annually if it joins the Turkish Stream pipeline project, he added.

The Russian President also stressed that Greece could use revenues from potential joint projects with Russia to pay off its debt to international creditors.

Prime Minister Alexis Tsipras, who was in Moscow on Wednesday, voiced his interest in the project as he sees it as a way to boost jobs and investment in the country.