Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan marked on Monday the completion of the offshore phase of the Turkish Stream Project, TurkStream, to transport Russian gas to Europe through Turkish soil.
The project is an export gas pipeline set to cross beneath the Black Sea from Russia to Turkey and also further extend to Turkey's borders with neighboring countries.
TurkStream's first line is set to carry 15.75 billion cubic meters (bcm) of natural gas to Turkey. With a second line that goes to Europe, the project is to have a capacity of 31.5 bcm per year.
Speaking at the inauguration ceremony in Istanbul, Erdogan announced the offshore part of TurkStream's two parallel lines two kilometers deep in the Black Sea had been finished and said the final leg of the "historic project" had been reached.
He said the project will be functional next year, asserting that the natural gas project had many advantages not only for Turkey, but also for its region and neighboring countries.
He called Russia a "reliable' partner for Turkey" and an "important" natural gas provider that Turkey can cooperate with in the long run.
Ankara’s goal was to reach a bilateral trade volume of $100 billion with Russia, he stated, adding that Turkey has purchased 387 bcm of natural gas from Russia since 1987.
Erdogan said Turkey's solidarity with the Russian president and people will pave way for bigger projects for both countries in the future.
For his part, Putin stressed that Turkey is becoming an important international energy hub.
He said that the construction of the TurkStream pipeline will have a positive impact on the development of the whole Black Sea region and will be an important safeguard for European energy security.
Completion of the most difficult section of the pipeline testifies to the effective cooperation between Turkey and Russia in very important and complex areas, added Putin.
Russian energy minister Alexander Novak hailed Gazprom's 31.5 bcm/year TurkStream gas pipeline as a "landmark" project for both countries, saying it will form the basis of long-term cooperation.
"Turkey becomes a natural gas bridge for southeastern Europe with the TurkStream project," Novak said. He did not elaborate on what route that will be used to export gas from Turkey to the region, only saying that Moscow was examining possible export routes.
Moreover, he stated that trade exchange increased 26 percent this year. Russian exports to Turkey increased 24 percent and Turkish exports to Russia increased by 36.6 percent, compared to the same period last year.
All restrictions imposed on the agriculture sector have been lifted, he indicated, and both countries took steps to bolster cooperation in other fields, including industry and transport.
"We have taken many steps on strengthening relations between the two countries and exempting our citizens and businessmen from visa requirements,” he announced.
In 2017, 4.7 million Russian tourists visited Turkey, and the number is expected to reach 6 million this year, Novak revealed.
The minister also noted that the implementation of the trade exchange between the two countries with local currencies is one of the main items discussed in the talks between Putin and Erdogan.
