Skip navigation links
Press Releases
News from Turkey
Publications
Upcoming Tenders
Links
Videos
Newsletter Subscription
This page is print preview page.
Click here to return to the page.
Print page
News
 
Turkey signs Turkish Stream deal, establishes joint investment fund with Russia 
17.10.2016

Daily Sabah – Turkey and Russia on October 10th signed an intergovernmental agreement for the construction of the Turkish Stream gas pipeline, which will pump Russian gas to Turkey under the Black Sea with throughput to Europe.  Turkish President Recep Tayyip Erdoğan and Russian President Vladimir Putin were present at the signing of the agreement in Istanbul between Turkish Energy Minister Berat Albayrak and his Russian counterpart Alexander Novak.

 

Set to carry gas from Russia to Turkish Thrace under the Black Sea, the project was initially announced by Putin during a visit to Turkey in December 2014. Progress was suspended nearly a year ago after the downing of a Russian jet in November 2015, but improving relations between the two countries now have the project on track to start by late 2017 with completion slated for 2019.

 

Putin’s visit to Turkey also brought the announcement of a 10.25 percent discount on gas prices for Turkey, with the new pipeline expected to offer even more discounts for Turkish consumers. Turkey, the second largest consumer of Russian gas after Germany, currently imports around 30 billion cubic meters of gas from Russia per year through the Blue Stream and the Western Line pipelines.

 

In addition to the gas pipeline agreement, a joint investment fund with Russia and Turkey was also signed on October 9. Under the terms of the agreement, Turkish and Russian investment funds would each provide USD 500 million towards the establishment of the fund. The USD 1 billion-fund aims to boost relations in the tourism, energy, agriculture, and transport sectors. Furthermore, a free trade agreement will be signed and new investments in the agricultural industry will be announced in the near future, according to officials.

24.05.2019 Rebalancing and Rebounding Process Continue in The Turkish Economy
10.05.2019 Reform Action Group Meets First Time Under Chairmanship of President Erdoğan
01.05.2019 YOIKK Holds its First Meeting with New Structure
18.04.2019 ATC Annual Conference Convenes in Washington D.C.
12.04.2019 Turkey Inaugurates New Structural Reforms
02.04.2019 Investment Office Holds Roadshows in Austria and Italy
15.03.2019 AmCham Turkey / ABFT Holds 15th General Assembly Meeting
14.03.2019 Real Estate Giants Gather at MIPIM 2019 in Nice
14.02.2019 FDI Inflows to Turkey Surged in 2018
12.02.2019 Japanese Secom Enters into Turkish Market
<<
1 2 3 4 5 6 7 8 9 10
>>