Turkey and South Stream

Currently Russia and Turkey are conducting intensive dialogue on different subjects of the economy. The trade turnover between the two countries will reach USD 100 bln annually for the next 5 years. On the other hand, the two countries have not achieved an agreement on putting the so called South Stream gas pipeline on the Black Sea bed between Russia and Turkey for transporting Russian gas to Turkey. In fact this South Stream gas pipeline could be considered as a competitor to the NABUCCO pipeline. Visibly Russia is quite upset and expressing its discontent. The NABUCCO project is strongly promoted by the EU countries as it envisages pumping Caspian gas into Europe bypassing Russia. So, currently there is no final decision for either project.