Gazprom to grant 310M euros for Turkish Stream’s construction

Board of Directors of Russia’s Gazprom has approved a loan worth 310 million euros to South Stream Transport B.V. to finance the construction of the Turkish Stream gas pipeline, Gazprom said in a message, TASS agency reported Dec. 30.

The loan will be granted for three and a half years.

“South Stream Transport B.V. will use the funds granted by Gazprom to finance the costs on the Turkish Stream project, including payments under the contracts for the supply of tubular products and equipment, storage and performance of construction work, contracts for the purchase of goods, work and services, as well as general administrative expenses,” according to the report.