Turkey Grants Gazprom Final Offshore Permit for TurkStream Pipeline

By FeaturesDow Jones Newswires

Gazprom PJSC (GAZP.RS) said Monday that the government of Turkey has approved the construction of a second offshore section for the TurkStream natural gas pipeline.

The second offshore permit guarantees that both pipeline sections will be put into operation on schedule before the end of 2019, said Alexey Miller, chairman of the Gazprom management committee.

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The Russian energy major said it received the construction permit through diplomatic channels.

With the permit, which grants construction rights inside Turkish waters, Gazprom now has all the permissions required to complete the offshore section of the pipeline, which traverses the Black Sea and reaches Turkey's coast.

TurkStream will run across the Black Sea to deliver gas to Turkey and then onward to southern Europe. The oil-and-gas company announced on Jan. 15 that it plans on investing $3.2 billion in the pipeline this year.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

January 22, 2018 08:05 ET (13:05 GMT)

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