Greece signs Russia gas supply deal

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Published: Friday 19th June 2015 by The News Editor

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Russia and Greece have signed a deal to build an extension of a prospective gas pipeline that would carry Russian gas to Europe through Turkey.

Russia promised Greece hundreds of millions of dollars in transit payments yearly if it agreed to build the pipeline.

The deal comes as Greece is at an impasse in talks with its creditors for the additional loans it needs to avoid defaulting on debt payments.

Russian energy minister Alexanader Novak said he and his Greek counterpart had signed the memorandum during an investment forum in St Petersburg.

Greek prime minister Alexis Tsipras is also in St Petersburg and will meet Russian president Vladimir Putin later.

Construction of the Greek pipeline is expected to start next year and be completed in 2019.

Published: Friday 19th June 2015 by The News Editor

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