ECONOMY

Greece signs up to Turkish Stream project

Greece has signed up to Russia plans for a new gas pipeline designed to bypass Ukraine, the euobserver reports.

Greek Foreign Minister Nikos Kotzias reportedly signed a declaration of intent regarding the Turkish Stream project in Budapest on Tuesday along with counterparts from Hungary, Serbia, Turkey and the Former Yugoslav Republic of Macedonia (FYROM).

The pipeline, announced by Russian President Vladimir Putin in Ankara in December, is meant to replace the South Stream project and bypass Ukraine.

According to the text, foreign ministers expressed “support to create a commercially viable option of route and source diversification for delivering natural gas from the Republic of Turkey through the territories of our countries to the countries of Central and South Eastern Europe.”

Ministers also urged the EU to help fund related infrastructure, claiming that the pipeline would “make a significant contribution to the overall energy security of Europe.