09-04-15

Russia says Greece could become major European gas transit hub

cep energy expert Moritz Bonn doubts that Turkish Stream will prove more lucrative for Gazprom than abandoned South Stream project

Tsipras banks on revenue from new gas project

Russian President Vladimir Putin said on Wednesday at a joint press conference with Greek Prime Minister Alexis Tsipras in Moscow that Greece could become “a major transit country for the whole of the south of Europe and not only the south but maybe for central Europe.” If Greece joins Russia’s new Turkish Stream pipeline project “it will get good money from transit, we are talking about hundreds of millions of euros every year just for transit, just like that,” Putin said. cep energy expert Moritz Bonn, however, notes that the Turkish Stream pipeline needs to meet the requirements of the EU’s Third Energy Package which stipulates that the gas supplier cannot be the operator of the pipeline at the same time. “This means that Gazprom cannot have any strategical influence on pipelines in the EU and cannot deny its competitors access to the pipelines,” Bonn explained. “It remains, thus, doubtful whether Turkish Stream will prove any more lucrative for Gazprom than the abandoned South Stream project.”