Gazprom Chairman Alexey Miller said on March 29, 2017, that they opened a branch of the South Stream Transport BV in Istanbul for the realization of the TurkStream natural gas pipeline project.
Noting that the said branch was opened to realize the TurkStream project and coordinate work carried out in Turkey, Alexey Miller said: «This is a very important decision. Thus, all conditions were provided to launch the construction of the sub-sea section of the project.»
Pointing out that the 1st micro tunnel was excavated in the section within the Russian border and that the 2nd micro tunnel was 98.5 % ready, Miller stressed that the project is under active construction.
Saying that hydrographic research continue in Turkish waters and that environmental impact assessment work was completed in the last section of the TurkStream project, Miller said, «We will begin the construction of the sub-sea section of the line in the 2nd half of 2017, and we even plan to complete the construction of the 2 lines by the end of 2019.»
South Stream Transport B.V. was set up for the construction of the sub-sea section of the South Stream project.
Some of the assets of the South Stream Transport are to be used for the construction of the TurkStream.
Gazprom estimated the cost of the construction for pipelines of the TurkStream at 11.4 bln euros, with the cost of the 1st line construction estimated at 4.3 bln euros.
To read this news in Russian.