Gazprom to begin Turkish Stream construction in next few days

Image: interfaxenergy.com

Russian energy giant Gazprom will begin construction on the Black Sea portion of the Turkish Stream natural gas pipeline in a few days, according to CEO Aleksey Miller, who spoke to reporters on Thursday.

"We have finished all preparatory and mobilization works [on the Turkish Stream project]. I report to you that we are ready to start the construction of the sea stretch of the Turkish Stream gas pipeline in a few days," Miller said after a meeting with Russian President Vladimir Putin.

In anticipation of future competition, changing market dynamics in Europe, the limited success of Gazprom's pivoting to China, and the phasing out of long-term contracts, Gazprom has followed through with a strategy of doubling down on Europe and securing its future market share by launching Nord Stream 2 and Turkish Stream.

In doing so, the...