Greece To Invest $2 Billion In Turkish Stream, Will Sign Memorandum ASAP

Greece To Invest $2 Billion In Turkish Stream, Will Sign Memorandum ASAP

The Greek energy minister  has announced that Greece plans to invest $2 billion in the construction of Gazprom’s Turkish Stream. They plan to sign a document on political support for the project at the St. Petersburg International Economic Forum.

RT reports:

A memorandum on political support for the gas pipeline project will be prepared by June 18-20, when the International Economic Forum (SPIEF-2015) will be held in Russia’s St. Petersburg, Greek Energy Minister Panagiotis Lafazanis announced on Monday.

“Right there we will try to sign an agreement, a so-called ‘memorandum’ on the political support of the said gas pipeline between Greece and Russia,” the minister said, as quoted by TASS. Greece “will be proactively drafting a document,” the official added.

Greece’s part of the pipeline, which will be delivering Russia’s gas on from the Turkish border, will cost some $2 billion, Lafazanis said in an interview with the Rossiya24 channel. The minister said that a Greek state company will be involved in the project, adding that there has been “big interest” from many companies wishing to take part in the construction and future operation of the pipeline.

The project could contribute not only to economic development in Greece, but positively affect the whole region, the minister said. Up to 20,000 jobs could be created if the project is realized, he said, expressing his confidence that “the people of Greece will benefit from it.”

Russian president Vladimir Putin has previously expressed his belief that, by joining the project, Greece could become one of the main power distribution centers in Europe. Athens could earn hundreds of millions of euros annually from gas transit fees, Putin said during Greek Prime Minister Alexis Tsipras’ official visit to Moscow in April.