Moscow and Athens sign memorandum on Turkish Stream

Russian and Greek Energy Ministers, Alexander Novak and Panagiotis Lafazanis, have signed a memorandum on construction of the extension of the Turkish Stream gas pipeline.

"The signing of the memorandum confirms months of work we've done to built the gas pipeline through the territory of Greece. This pipeline will play a stabilizing role in the region. The project is not directed against anyone, on the contrary, it connects all the regions it will pass through," the Greek Minister said.

The memorandum envisages creating a joint project company which will implement the construction of the pipeline on the Greek territory - the Southern-European pipeline. Novak said Moscow will participate in financing Turkish Stream ground infrastructure construction in Greece, adding that the capacity of Greece’s continuation of the pipeline will reach 47 billion cubic meters.