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Gazprom: New Turkey Gas Pipeline To Be Operational In 2016

Russian gas giant Gazprom says a natural gas pipeline to Turkey will be in service by the end of 2016.

Gazprom CEO Aleksei Miller made the announcement on January 27 after a visit to Ankara.

He said the sides agreed to "organize the work in a way that will allow us to sign an intergovernmental agreement in the second quarter of this year and start supplying Turkey with gas in December 2016."

The new pipeline across the Black Sea would have an annual capacity of 63 billion cubic meters of gas.

Part of the gas would be sold to Turkey, with the rest to be stored at a distribution hub on the border between Turkey and Greece.

Moscow announced the new gas pipeline after scrapping the construction of the South Stream link to the European Union in December.

Based on reporting by AFP, Interfax, and TASS