Russian President Vladimir Putin's spokesperson Dimitri Peskov said the re-issuance of permits granted by Turkey for the South Stream will speed up the implementation process of the Turkish Stream project, also adding that the Turkish government swiftly approved the required legislation for the Akkuyu Nuclear Power Plant project.

Giving details about the ongoing procedures for both the Turkish Stream and Akkuyu Nuclear Power Plant projects, Peskov said Ankara approved the required legislation for the Akkuyu Nuclear Power Plant project without there being any delay. Pointing out that the Turkish Stream issue was also discussed with the Turkish government, Peskov said most of the permits were granted to the route of the South Stream project, and just the name of the project has changed. "Only the permits have to be reissued, and this will really speed up the process. The route will not change, the only thing that changes is it name of the project," Peskov said.

Peskov also noted that both country's leaders addressed the possibility of expansion regarding the Russian oil shipment.

Energy and Natural Resources Minister Berat Albayrak held talks with Miller last week to discuss the Turkish Stream project and natural gas trading.

Moreover, the Energy and Natural Resources Ministry announced last week that Turkey and Russia have agreed to obtain the necessary permits for the realization of the Turkish Stream project. The ministry's statement said, "Both parties expressed mutual determination to take steps to guarantee Turkey's rights arising from the contract within the framework of the arbitration process, and resolve the question that led to this process." During one-on-one and inter-delegation meetings in Istanbul, the Russian and Turkish delegations addressed the issues of the Turkish Stream project, regional cooperation on energy and the arbitration process that Turkey initiated as part of its rights arising from the contract that it signed with Russia.

Meanwhile, in the aftermath of the jet crisis last year between Turkey and Russia, the meeting between Russian President Vladimir Putin and President Recep Tayyip Erdoğan on Aug. 9 is regarded as the onset of a new era in terms of relations between the two countries, further fostering economic cooperation. In this respect, more concrete steps started being taken regarding the Akkuyu Nuclear Power Plant project -- the first of three nuclear power plants Turkey currently plans to build in the southern province of Mersin along with the Russian state-owned nuclear energy company Rosatom, aside from the Turkish Stream.

The Turkish Stream project is designed to transfer Russian natural gas to Europe via the Black Sea and Turkey. Under Russian state-owned energy giant Gazprom's plans, the Turkish Stream pipeline will be split into four lines with a total capacity of 63 billion cubic meters a year. In December 2014, Russia scrapped the South Stream pipeline project that would have transported natural gas to Europe via Bulgaria and brought forward the proposed four-line and 63 billion-cubic-meter project that will bypass Ukraine and stretch to the Turkish-Greek border through the Black Sea.