New Greek energy minister confirms support of Turkish Stream - Russian Energy Ministry
MOSCOW. Aug 11 (Interfax) - Russian Energy Minister Alexander Novak discussed issues of bilateral energy cooperation with Greek Productive Reconstruction, Environment and Energy Minister Panagiotis Skourletis.
A statement of the Russian ministry said: "The parties confirmed the viability of creating new gas transportation infrastructure on the territory of Greece, which is designated for the transportation of Russian gas to European consumers. The progress was reviewed on fulfilling a memorandum, which was signed during the St. Petersburg forum, on cooperation in the construction and operation of the gas pipeline on Greek territory and the planned schedule for the implementation of the construction of the gas pipeline in Greece from Turkey and Macedonia."
The ministers agreed to continue intensive dialogue, in particular in the format of a specially created Russian-Greek working group on energy.
Former Greek Minister Panagiotis Lafazanis, whose signature is on the memorandum on the gas pipeline project, resigned in the middle of July.
The memorandum envisages the creation of a joint company, South European Gas Pipeline, which will be controlled by the parties on a 50-50 basis. VEB Capital will represent Russia in the joint venture, and Greece will be represented by Energy Investment Company. VEB Capital will completely finance the project and investments are estimated at 2 billion euro. The gas pipeline's capacity, according to the memorandum, will be 47 billion cubic meters.