Erdogan: Turkish Stream to be financed on 50-50 basis by Turkey and Russia

Turkish President Recep Tayyip Erdogan announced agreements reached with Russia on equal financing of the Turkish Stream natural gas pipeline.

"We told (the Russian side) that there are no problems with the Turkish Stream project. The only thing is that we’ve proposed to divide expenses on the construction of the pipeline’s section crossing our territory into halves," the President said, adding that outside Turkey gas will be transported through the Black Sea.

"As for the remaining part a (preliminary) agreement has been reached regarding its financing on a 50-50 basis," TASS cited Erdogan as saying.