Russia is self-assured to officially open its TurkStream natural gas pipeline on Wednesday, further diversifying export tracks to Europe amid a backlash from the U.S.
President Vladimir Putin and his Turkish equivalent Recep Tayyip Erdogan are meeting in Istanbul to initiate the pipeline in a ceremony celebrating the country’s energy and political connections.
TurkStream is about to hold Russian fuel under the Black Sea to Turkey and supply several nations in southeast Europe once totally operational, as U.S. sanctions stall another Gazprom PJSC export line.
TurkStream consists of two pipelines running collectively underwater, each with an annual potential of 15.75 billion cubic meters. Gas through the link has been flowing to Turkey and Bulgaria since January 1, in keeping with utility Bulgargaz. A combination of current and new pipelines will also take supplies to Serbia and Hungary.
The venture permits Russian producer Gazprom to achieve two strategic goals. First, it might assist the corporate increase its market share in Turkey, currently among the many top three consumers of its gas. Second, Gazprom can cut back its dependence on Ukraine as a transit path, a vital objective following years of constrained political links between the two neighbors.
Construction of another leading Russian pipeline venture — the Nord Stream 2 link under the Baltic Sea — was stalled last month due to American sanctions on the contractors building the road to Germany.
However, Putin has hailed the TurkStream connection as “an important factor in guaranteeing pan-European energy security.” In contrast, Erdogan has mentioned at least half of the fuel supplied through the pipeline will be delivered to Europe.