Turkey, Russia agree on South Stream Pipeline route, supply contracts.

By bne IntelliNews December 29, 2011
Russian Prime Minister Vladimir Putin and Turkish Energy Minister Taner Yildiz signed an agreement yesterday (Dec 28) which allows Russian company OAO Gazprom to build a natural gas pipeline to supply Europe through Turkeys Black Sea waters. CEO of OAO Gazprom, Alexey Miller, announced that the company plans to build the first line of South Stream with an annual capacity of 15.5bn m3 by the end of 2015. On a related note, Turkey and Russia also agreed to extend two gas supply contracts to 2021 and 2025, according to Putin. Miller also announced that Turkish Botas will increase its natural gas imports from Russia by a 2bn m3 next year. Turkey has an obligation to annually imports at least 24bn m3 of natural gas from Russia; however, it is expected to import a 25.8bn m3 in 2011, Bloomberg reported. On a separate note, Reuters reports by quoting unnamed Turkish government officials saying that Botas will import a 3bn m3 of natural gas from the Western Line pipeline in 2012 under the terms of the take-or-pay agreement.

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