Duma Ratifies TurkStream Project
The State Duma, the lower house of Russia’s parliament, ratified the TurkStream natural gas pipeline project agreement with Turkey on Friday.
According to the Duma’s announcement, the project will reduce the gas transit risk from Russia to Turkey and Europe.
“Reliable and uninterrupted supplies of Russian gas through the TurkStream will ensure annual export duty revenues to the Russian budget of approximately $750 million with respect to only the first branch of the pipeline,” the statement read.
The statement also noted that the planned second line of the project will generate additional income for Russia after a decision is taken as to which countries will receive the gas.
The TurkStream, which was announced by Russian President Vladimir Putin during a 2014 visit to Turkey, is set to carry gas from Russia under the Black Sea to Turkey’s Thrace region. One line, with 15.75 billion cubic meters of capacity, is expected to supply the Turkish market, while a second line will carry gas to Europe.