Russian Gazprom's board of directors approved the formation of a joint venture with Turkey's Botaş for the TurkStream natural gas pipeline project, according to a statement released by Gazprom Monday.
The statement read that the joint venture would be formed for the construction of the onshore section of the TurkStream natural gas project. The TurkStream project will start from the southern Russian town of Anapa on the Black Sea coast.
Pipes will be laid over a 900-kilometer (559-mile) route under the Black Sea to reach the Thrace region of Turkey along the Black Sea coast. The board of directors also ratified the sale of 50 shares of TurkAkim Gaz Taşıma AS at TL 1,000 ($284) per share.
The TurkStream will send Russian gas to Turkey with the first of its two lines. The second line of the project will carry Russian gas to southern and southeastern Europe.
The total capacity of the dual pipeline system is set to be 31.5 billion cubic meters. More than 250 kilometers of the first line of TurkStream have already been constructed.