• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Gazprom Ready to Talk Turkish Stream with Ankara

Russia’s Gazprom is ready to resume talks with Turkey to revive the Turkish Stream gas pipeline project and expects Turkey’s next move, Gazprom deputy chairman Alexander Medvedev said on Tuesday.

“We have already stated that the ball is in Turkey's court,” Medvedev noted.

Earlier on Tuesday officials from the two countries discussed the project, but no decision was reached. More talks on the pipeline plan will take place later, Russia’s Deputy Energy Minister Yuri Sentyurin said.

Gazprom had put forward the Turkish Stream project, planned to have an annual capacity of 63 billion cubic meter of gas. The pipeline was expected to run from Russia to Turkey via the Black Sea on to a hub on the border between Turkey and Greece, to be later pumped on to southern Europe.

However, the project, announced in December 2014, was suspended in 2015 as the relations between Russia and Turkey deteriorated following Ankara’s shooting down a Russian military jet in November.

According to Russian news agency Sputnik, there was a thaw in the Moscow-Ankara relations in early June this year, when Kremlin spokesman Dmitry Peskov said that Turkish President Recep Tayyip Erdogan had sent a letter to Vladimir Putin, apologizing for the shooting of the jet.

Related: Why Are Oil Producers Rushing To The STACK?

Yet, the attempted coup against Erdogan and the following purge by the Turkish president highlighted security concerns over oil and gas shipments at this crucial hub.

Last week, a Russian official said that Russia may revive the Bourgas- Alexandroupolis oil pipeline project which was suspended due to financial problems a few years ago. Bourgas-Alexandroupolis was conceived of as an alternative to transporting crude from Russia to the world via the Bosphorus strait, a congested waterway controlled by Turkey.

ADVERTISEMENT

Clues about any projects may emerge on August 9 when Putin hosts Erdogan for a meeting in St Petersburg.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News