Gazprom to loan 2.14 bln euro to Turkish Stream operator

Gazprom to loan 2.14 bln euro to Turkish Stream operator

Russian gas company Gazprom said it would loan up to 2.14 billion euros to its subsidiary South Stream Transport B.V. which is overseeing the construction of the Turkish Stream undersea gas pipeline to Turkey from Russia.

The loan will be used to replenish working capital and will carry an annual rate of interest of 3.98%. The maturity of the loan is set for December 30, 2023, Reuters reported.

Turkish Stream consists of two lines with an annual capacity of 15.75 billion cubic metres each. The first line, already completed, will be used for Turkish domestic needs.

The second line will run through Turkey to Europe. Bulgaria has said it will be the entry point for the second line of Turkish Stream.

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