Greece and Russia are working on a memorandum for the construction of a “Greek pipeline” of natural gas that may be signed in Athens as early as next week, according to Russian news agency RIA-Novosti citing a Greek source, who said he was quoting Greek Productive Reconstruction, Environment and Energy Minister Panagiotis Lafazanis.
The new pipeline is slated to begin operations in December 2016 and the Greek section will connect to a pipeline delivering Russian gas to Turkey and southern Europe, according to the agency, which also said that signing from the Russian side will be Energy Minister Alexander Novak.
According to the calculations, the Greek section is estimated to cost as much as 2 billion euros and run from the Greek-Turkish border to the border with FYROM. From there it will extend to Serbia and Hungary, ending up in Austria, according to Russian-based Gazprom.
The agency quoted Greek sources as saying that construction will be carried out by the private sector and fully agree with EU legislation.