ECONOMY

Rapid progress made in TurkStream gas project in 2017

RAPID PROGRESS MADE IN TURKSTREAM GAS PROJECT IN 2017

The TurkStream natural gas pipeline project has shown rapid progress in 2017, according to the International Energy Agency's (IEA) latest natural gas report.

"The TurkStream pipeline project linking up Russia with Turkey via the Black Sea is believed to be making rapid progress, following the ratification of relevant intergovernmental agreements and the signature of a pipeline-laying contract in 2016," the IEA said.

The agency noted that the construction of the pipeline started in May 2017 and is expected to finish in late 2019.

The agency confirmed that Turkey is the second-largest importer of Russian gas, bringing in around 27 billion cubic meters per year, and covering more than 55 percent of its domestic demand.

For Russia, gas flows to Turkey represent 17 percent out of all its exports to Europe.

The first line of the project will supply 15.75 billion cubic meters of gas to Turkey.

The project's first line will also replace Russian gas currently supplied via the Ukraine route to Turkey.

"A second line may be built if the onward route through the European Union is available to transport gas to European countries," the IEA reported.

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