Gazprom allocates €310m for Turkish Stream construction

Gazprom allocates €310m for Turkish Stream construction
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The Board of Directors of Gazprom approved loan extension to South Stream Transport B.V. in amount of €310 million for a period of 3,5 years.

The funds are intended for financing of Turkish Stream project, the documents published by Gazprom say.

According to the statement, South Stream Transport B.V. will allocated the borrowed funds to cover expended related to the concluded contracts on supplies of pipes and its equipment, storage and execution of assembly and construction works, as well as to other contracts on products purchase and general administrative expenses.

As a reference, Turkish Stream was announced by Russian leadership in December 2014 and was intended to replace South Stream project.