Gazprom, the Russian gas monopolist said that it's halving the transit capacity of the Turkish Stream pipeline, which extends from Russia to Turkey and then to southern Europe, cutting it to 32 billion cubic metres on the volume of gas it can carry per year, Gazprom's CEO Alexei Miller announced on Tuesday.
Miller also said that they are expecting to sign the deal for selling natural gas to China next spring, through a route called the Western Line of Gazprom.
The capacity of the natural gas pipeline project with Turkey was designated to be 63 billion cubic metres per year.
However, the capacity has now been diminished to almost half the original amount to 32 billion cubic metres per year.
Energy officials said to Reuters that Turkey will still buy 15 billion cubic metres (bcm) of gas from Russia through the Turkish stream.
Following the decision of Gazprom to halve the Turkish Stream pipeline, Turkish Economy Minister Nihat Zeybekci said that "I can not say that it is completely finalized. There is a two-phased situation. Meeting in Russia can be considered as the first phase."
The Turkish Stream Pipeline is proposed to cross under the Black Sea with four main underwater pipelines, each with a 15.75 billion cubic meter capacity.
The project includes 660 kilometres of underwater pipelines and 250 kilometres of pipelines that will be laid on Turkey's European land which will provide Turkey with natural gas.
Turkey's annual natural gas consumption is 50 billion cubic metres and as Turkey's largest natural gas supplier, Russia provides 28 billion cubic metres to 30 billion cubic metres of it.
Meanwhile, Turkey is Gazprom’s second largest export market after Germany.