Gazprom approves loan of EUR 2.14 billion for TurkStream – Pipeline to open in 2019

Russian gas company Gazprom will lend EUR 2.14 billion to its subsidiary South Stream Transport, which is overseeing the construction of the underwater section of the TurkStream pipeline between Russia and Turkey.

The loan will be used as the working capital and has been approved with an annual interest rate of 3.98%. The maturity of the loan is set for December 30, 2023, Reuters reports.

TurkStream will have two branches, each with an annual capacity of 15.75 billion cubic meters of gas.

The first branch, already completed, will be used for the needs of the Turkish market, whereas the second one will connect Turkey and Europe.

Bulgarian officials announced that Bulgaria would be the entry point for the second branch.

According to Gazprom's plans, the opening of TurkStream will take place next year.

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construction of Turkish Stream

loan for construction of Turkish Stream

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TurkStream underwater section