Leviathan Israeli-Turkish Gas Deal Unlikely, Due to Technical, Political Reasons - SPUTNIK NEWS

(updated) 18:13 15.10.2016

Tel Aviv and Ankara are due to start intergovernmental consultations on the construction of a pipeline in the Mediterranean Sea that will supply Israeli gas to Europe via Turkey, according to Yuval Steinitz, Israel's Minister of National Infrastructure, Energy, and Water Resources.
Speaking to reporters after his talks with Turkey's Energy Minister Berat Albayrak earlier this week, Israel's Minister of National Infrastructure, Energy, and Water Resources Yuval Steinitz said that Tel Aviv and Ankara have agreed to start intergovernmental consultations on the construction of a pipeline in the Mediterranean Sea to supply Israeli gas to Europe via Turkey. 

In an interview with Sputnik, energy expert Tugce Varol Sevim underscored that the implementation of the project is unlikely due to a number of technical and geopolitical reasons.

New book offers Greek energy market insights in English - KATHIMERINI

The Exclusve Economic Zones of Greece and Cyprus

14.10.2016 : 18:25

Publishers Editcom, who also operate specialized website energia.gr, have released the “Greek Energy Directory 2016,” a comprehensive guide to the local energy industry, which is at the forefront of privatizations in Greece, given the country’s recently discovered hydrocarbon reserves, the opening up of the local energy market and the infinite domestic capacity in terms of renewable sources.

The A4-sized book offers English speakers a unique guide to the latest developments and the background of the country’s energy sector in all domains and niches, edited by Costis Stambolis, the managing editor of Energia.gr and executive director of the Institute of Energy for Southeastern Europe (IENE).

It also contains a series of articles and analyses by key market players who offer insight and projections concerning upcoming developments in the sector.

Total plans to invest $100m in Egypt - ECOFIN AGENCY

Friday, 14 October 2016 - 08:56, Anita Fatunji

(Ecofin Agency) - Total has announced plans to invest $100 million in Egypt in the next five years and also invest more amounts on filling stations, as part of plans to open 10 facilities annually.

According to the company’s Senior Vice President for Africa, Stanislas Mittleman, Total recently invested huge amounts in Borg El Arab factory for lubricant and exported part of its production to Jordan, Lebanon and other African countries.

Mittleman had met with the Egyptian Minister of Petroleum, Tarek El Molla, together with Total’s Managing Director in Egypt, Ian Lepetit, in order to outline the company’s projects in Egypt. El Molla noted that Total is a leading company in Egypt in the areas of marketing petroleum products, setting up filling stations, and manufacturing lubricant.

Egypt's relationship with Saudi is 'solid': Prime minister - AHRAM ONLINE

Egypt's Prime Minister Sherif Ismail

Last week signs of tension surfaced between Egypt and Saudi Arabia

Ahram Online , Friday 14 Oct 2016

Egypt’s Prime Minister Sherif Ismail described the country's relationship with Saudi Arabia as “good and solid” after recent reports of diplomatic tensions between the two countries, Al-Ahram newspaper reported on Friday.

Last week, signs of tension surfaced between Egypt and the kingdom over Cairo's votes on two rival UN Security Council resolutions on Syria.

The Saudi ambassador to Cairo, Ahmed Kattan, left the country for a three-day visit to the kingdom while Saudi oil company Aramco did not deliver the monthly oil shipment to Cairo for October.

Final Declaration The Trilateral Summit of Egypt, Greece and Cyprus (Cairo, 11 October 2016) - HELLENIC REPUBLIC

Thursday, 13 October 2016

The Prime Minister of the Hellenic Republic, Alexis Tsipras, the President of the Republic of Cyprus, Nicos Anastasiades and the President of the Arab Republic of Egypt, Abdel Fattah el-Sisi, having met in Cairo, 11th of October 2016, have agreed to strengthen the cooperation between the three countries in order to promote a trilateral partnership in various fields of common interests, and to work together towards promoting peace, stability, security and prosperity in the Mediterranean.

Given the fluid and unstable situation in the region, the three countries, which share common values, and interests, have, to this end, agreed on the importance of closer cooperation and highly coordinated set of policies.

The fourth round of Trilateral Summit between Cyprus, Egypt and Greece concluded in Cairo with this Declaration in which the three countries agreed to work on the implementation of projects in the fields of energy, maritime transport, tourism and agriculture. The Heads of State and Government welcomed the progress achieved so far in these sectors and recognized that much more remains to be done to ensure that growth is experienced in their communities.

Israeli round set for mid-November - NATURAL GAS WORLD

October 13th, 2016, 1:45pm, Ya'acov Zalel

Under the slogan "Open Israeli Waters for Exploration", Israel's energy ministry will launch an exploration licensing round on November 15 -- the first ever competitive offshore round in Israel's history. But it won't go through without difficulties.

According to the timetable published on a website dedicated to the licensing round, another roadshow will take place in Houston, Texas on November 30 -- the third, following ones in London and Singapore last month -- then an online Q&A process will conclude on January 31 2017, and then the closing date for bids is set for March 28 2017. Documents and data packages will be available for purchase starting mid-November 2016.

SGC most important project for BP - TREND NEWS AGENCY

13 October 2016 19:06 (UTC+04:00)
Baku, Azerbaijan, Oct. 13

By Orkhan Quluzade – Trend:

The Southern Gas Corridor (SGC) is the most important project for BP, Tufan Erginbilgic, BP’s downstream chief executive, told reporters Oct. 13 on the sidelines of the 23rd World Energy Congress in Istanbul.

Erginbilgic said the project worth $45 billion is important both for BP and the energy market.

“The Southern Gas Corridor project has already been implemented by 83 percent,” he noted, adding that the Trans Anatolian Natural Gas Pipeline’s (TANAP) construction is being carried out in line with the schedule.

He reminded that BP has a 20-percent share in the Trans Adriatic Pipeline (TAP).

Israel, Turkey deepen energy ties as relations resume after 6-yr rupture - REUTERS

Thu Oct 13, 2016 | 10:06am EDT

By Can Sezer, Additional Reporting by Tulay Karadeniz in Ankara; Writing by Ece Toksabay; Editing by Nick Tattersall

Israel and Turkey agreed to deepen cooperation in the energy sector on Thursday, taking a further step towards normalizing ties with the first Israeli ministerial visit to Turkey since a breakdown six years ago.

Israeli Energy Minister Yuval Steinitz said he would welcome more involvement by Turkish firms in the Israeli energy sector, particularly in gas exploration, and said "detailed dialogue" between the two governments would begin in the coming months.

After meeting in Istanbul with his Turkish counterpart Berat Albayrak, who is President Tayyip Erdogan's son-in-law, Steinitz said the two had discussed the possibility of building a natural gas pipeline from Israel to Turkey.

Turkish Stream Project Will Help Greece Become Regional Energy Hub - SPUTNIK NEWS

13.10.2016, 12:07

Athens supports the Turkish Stream gas pipeline as it will enhance the energy security in the country and help Greece reach its aim of becoming a regional energy hub, a spokesperson for the Greek Ministry of Environment and Energy told Sputnik.
MOSCOW (Sputnik) — On Monday, Russia and Turkey signed an intergovernmental agreement on the gas pipeline, which envisions the construction of two underwater legs in the Black Sea, with the annual capacity of 15.75 billion cubic meters each. The pipeline is expected to deliver gas from Russia to Turkey and continue to a hub on the Turkish-Greek border, from where the gas could be transferred to other European countries. 

Gazprom to finance offshore part of Turkish Stream - NATURAL GAS WORLD

October 12th, 2016 9:05amMurat Basboga

Russian gas giant Gazprom will finance the construction of the offshore part of the Turkish Stream project, Gazprom CEO Alexei Miller said, according to Interfax news agency. In an interview with Russia 24 TV, he said that the company would start construction of offshore portion of the pipeline to Turkey in 2018.

The onshore infrastructure that will supply the Turkish market, will be financed and constructed by Turkey's state owned pipeline company Botas. Two companies could form a joint venture on a parity basis, the report added.

Miller also said that Turkish Stream would not compete for European markets with Nord Stream 2, a pipeline project which will supply northern Europe.

Libya’s oil production set to reach three-year high by December - WORLD OIL

By NAYLA RAZZOUK on 10/12/2016

ISTANBUL (Bloomberg) -- Libya’s oil production is set to reach a three-year high by December, as fields restart and ports reopen after five years of armed conflict crippled sales.

Output is now 540,000 bopd and will reach 900,000 bopd by the end of the year, Libya’s National Oil Corp. Chairman Mustafa Sanalla said Wednesday in Istanbul. That would be the highest production since June 2013, according to data compiled by Bloomberg.

Libya, with Africa’s largest crude reserves, has increased oil output after the NOC reached an agreement last month with Khalifa Haftar, commander of the armed forces controlling key oil ports. Shipments were able to resume from ports including Ras Lanuf, Es Sider and Zueitana, leading Germany’s Wintershall AG to resume output in As Sarah oil field on Sept. 16.

Construction of the EuroAsia Interconnector to begin in 2017 - CYPRUS MAIL

October 12, 2016

The official operator of the EuroAsia Interconnector electricity connection, a project approved and supported by the European Commission, announced Wednesday that the technical and economic studies have successfully concluded and work on the 1,520km ‘electricity highway’ that will secure international energy supply will begin in 2017.

Construction work will begin with completion of the first section (Cyprus-Israel) in 2019, the second section (Crete-Attica) in 2020 and the final section of Cyprus-Crete in 2022.

The EuroAsia Interconnector will establish the first electricity corridor between the eastern Mediterranean and the European Union, ending the energy isolation of Cyprus, as well as Crete and Israel, and will vastly contribute to energy supply and security in the region.

Shell in talks with government to increase natural gas supply - DAILY NEWS EGYPT

Shell is currently in talks with the government in order to increase exports, as the government seeks to increase supply to the domestic market

12.10.201, Nicholas Mehling

The Egyptian government is slowly moving closer to increasing the domestic energy supply and restarting liquefied natural gas (LNG) exports, as the government continues negotiations with Shell to raise the volume of gas sent to the Idku LNG plant. Shell confirmed reports that they are exploring options to increase domestic supply, but expressed doubts about Egypt’s export potential. Despite the short-term skepticism, Egypt’s long-term potential in becoming a major player in natural gas production may be a foregone conclusion.

Shell’s Middle East operations spokesperson Nureddin Wefati stated: “Shell’s Idku gas treatment and liquefaction facilities, whether subsea or onshore, provide an economic edge for Egypt. Due to known gas supply issues, we expect very limited cargoes to be lifted of Egyptian LNG. Shell is in ongoing talks with interested parties and continues to investigate options for increasing the supply of natural gas to the country.”

Multinational exercise “NEMESIS 2016” takes place within Cyprus’ EEZ - CYPRUS MAIL / CNA

October 12, 2016

A large-scale aeronautical multinational exercise, code-named “NEMESIS – 2016”, will take place today for the third consecutive year within the Exclusive Economic Zone (EEZ) of Cyprus.

According to an announcement by the Ministry of Defence, the exercise will be held with the participation of SAR Units and Personnel from Cyprus, Egypt, France, Greece, the United Kingdom and the United States of America as well as the M/V «ALEXANDRIA» of Petronav from the European Maritime Safety Agency (EMSA) and the support vessels of EDT Offshore.

The Joint Rescue Coordination Center (JRCC) Larnaca will be coordinating the exercise in collaboration with the respective agencies from the Republic of Cyprus and the participating nations.

Saudi Aramco begins oil supplies to Egypt - MEMO

October 12, 2016 at 3:44 am

File photo from a Saudi-Aramco oil processing plant

Saudi Aramco restarted supplies of refined oil to Egypt, Tuesday, despite apparently failing to do so one day before and a beginnings of a broader potential rift between the two countries.

According to Hamdi Abdulaziz, a spokesman for Egyptian General Petroleum Corporation (EGPC), shipments have already started arriving.

Egypt and Saudi agreed on a deal worth $23 billion in April that would enable Aramco – the Kingdom’s state-owned oil company – to deliver 700,000 tons of petroleum products every month for five years.

However, reports emerged Monday that Egypt has not yet received shipments. On Monday, Aramco said that the delay in shipments is temporary, according to the Saudi news website Al-Mnatiq.

Israel's plan to supply the Arab world with energy is under threat in Jordan - NEWSWEEK

Gas route from Israel's eastern Mediterranean fields to Jordan

A campaign in Jordan against a gas deal with Israel underlines the challenges in building ties.
BY NATANEL ABRAMOV ON 10/11/16 AT 7:37 PM

Public protests and civil society campaigns have been gathering pace in Jordan in opposition to the $10 billion deal recently signed by the state-owned National Electric Power Company (NEPCO) and suppliers of Israeli gas, serving as a timely reminder of the limits of overt cooperation, economic or otherwise, between Israel and neighbouring Arab states.

Activists have organized street rallies and staged sit-ins outside NEPCO’s offices and in trade union gatherings. A rally in Amman on September 30 reportedly drew 2,000 people before being swiftly shut down by the police. On October 7 a “mass blackout” was held, in which protestors temporarily turned off their lights and electrical appliances.
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The possibility of cooperation between the region’s historical foes has been raised in recent years by the discovery of large, commercially exploitable gas reserves in the Mediterranean basin. The opportunities for ‘economic peace’ are at the centre of the Israeli government’s recent pitch for investment in its offshore exploration blocks. The theory, well-rehearsed by Israeli officials, is that by satisfying the large demand for energy in the Middle East with increasingly abundant Israeli gas, a new mutual interest between Israel and its neighbours is established.

EU energy security tops discussions at World Congress in Istanbul - AZER NEWS

11 October 2016 15:32

By Nigar Abbasova

Relations of Turkey and Azerbaijan, which are determined by historical, cultural, ethnic and religious connections, are gaining even more momentum due to mutually beneficial and successful cooperation of the two countries in the energy sector.

The 23rd World Energy Congress, grandiose event of colossal importance that brought together more than 10,000 top world leaders in the field of energy, became an additional evidence of the fact that successful cooperation between the countries may become a guarantee of energy security in a whole Europe.

Azerbaijan’s President Ilham Aliyev, speaking at the congress said that energy projects, jointly implemented by Azerbaijan and Turkey are of great significance for the world, mentioning that the role of the two countries in the issue of energy security can not be overestimated. The president emphasized that today the Southern Gas Corridor is among the largest energy projects all over the world.

Turkey will be an energy hub, Putin says - UPI

European partners view Turkey as a bridge to gas reserves in Azerbaijan.

By Daniel J. Graeber | Oct. 11, 2016 at 6:03 AM

ISTANBUL, Turkey, Oct. 11 (UPI) -- Turkey will become a major energy hub for the European market with assistance from the Russian government, President Vladimir Putin said.

Putin met with Turkish President Recep Tayyip Erdogan during a special session of the 23rd World Energy Congress. Alongside geopolitical issues related to the civil war in Syria, where both sides have varying allegiances, the two leaders discussed new life for the Turkish Stream pipeline, a revision to a much larger project meant to carry Russian natural gas to Europe.

Turkey's geographic position makes it desirable as a bridge to transport energy resources from Central Asian suppliers to the European market.

Israeli firm threatens action over rejected gas block bid - CYPRUS MAIL

October 11, 2016, Elias Hazou

A group of Israeli investors are threatening to sue Cyprus under its investment treaty with Israel, unless they are awarded the concession to explore for hydrocarbons in Block 8 of Cyprus’ economic waters.

CO Cyprus Opportunity, a Cyprus-listed company controlled by Israeli investors, are demanding that Cyprus should declare them the winners of a prior tender for Block 8.

The Israeli investors accuse the Cyprus government of acting in bad faith and deceptively in refusing to award the concession for Block 8 to the consortium, which comprises Cyprus Opportunity and Norway’s AGR.

According to Globes, the investors estimate the damage they have sustained in the billions of dollars, and say the conduct of the Cypriot government casts into doubt the economic viability of Israeli investments in the island.

Israel and Cyprus: In search of solutions to natural gas challenges in the Eastern Mediterranean - MODERN DIPLOMACY

October 10, 2016, by Antonia Dimou

The Eastern Mediterranean’s gas resources can promote cooperation, resolve conflicts and deliver financial benefits, resulting in contributions to the economic development of Israel and Cyprus.

Gas discoveries in Israel have the potential to transform the country’s energy outlook but despite opportunities, the exploration and development of gas fields with proven reserves have faced a stalemate due to regulatory issues and political concerns.

In an effort to overcome obstacles and reignite a number of preliminary agreements to export gas, the Israeli government approved a revised framework for gas regulation that favors the development of Leviathan and the expansion of Tamar fields seeking to establish a stable business climate and paving the way for Israeli gas to be exported. The main outlines of the gas regulatory framework center on the mandatory sale by Noble, Avner Oil & Gas and Delek of all their rights in the Israeli Tanin and Karish fields; and, a stability clause which foresees that the Israeli government guarantees regulatory stability for ten years. Additionally, as prescribed, the development plan of Leviathan field whose 9 billion cubic meters (bcm) annual gas surplus is destined for export will be carried out in two stages: The first lies in four development wells and an annual capacity production of 12 bcm. The second lies in four additional wells and an increase of the capacity production by another 9 bcm. Leviathan’s exports are destined to satisfy Israeli domestic demand, Jordanian and Egyptian power and industrial needs, as well as Turkish ambitions of becoming a hub for Eastern Mediterranean energy.

Trafigura, Vitol Said Among Bidders for OMV Turkey Fuel Unit - BLOOMBERG

Dinesh Nair, Ercan Ersoy
October 10, 2016 — 11:21 AM EDTUpdated on October 11, 2016 — 4:23 AM EDT

• Opet, Socar and private equity firms also said to bid
• Turkey’s Petrol Ofisi sale could fetch about $1.2 billion

OMV AG, central Europe’s biggest oil and gas company, has got initial bids from Vitol SA and Trafigura Group Pte for its Turkish fuel retailer OMV Petrol Ofisi AS, people with knowledge of the matter said.

Opet Petrolculuk AS, the State Oil Co. of the Azerbaijan Republic and private equity firms are also among the companies that made offers, said the people, who asked not to be identified because the process isn’t public. BP Plc and Saudi Arabian Oil Co., known as Aramco, are also weighing bids, the people said.

Russia, Turkey sign gas pipeline deal, talk Syria - DW

10.10.2016, Chase Winter

Turkey and Russia have signed a deal to build a major gas pipeline under the Black Sea. A gradual rapproachment since a falling out last year shows the two can pursue a pragmatic relationship.

Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan on Monday took steps to reconcile differences following a severe deterioration of relations between the two countries earlier this year.

Putin arrived in Istanbul for the World Energy Congress, his first visit to the country since Turkey downed a Russian jet along the Syrian border last November, triggering a crisis. Turkey apologized for the jet incident in June, leading to a gradual improvement in relations and Moscow clawing back damaging sanctions on the Turkish economy.

President in Greece ahead of tripartite energy talks - CYPRUS MAIL

Sisi, Egypt (left), Tsipras, Greece (center), Anastasiades, Cyprus

October 10, 2016 Angelos Anastasiou

President Nicos Anastasiades was in Greece on Monday for a quick one-day visit ahead of the fourth tripartite meeting with the leaders of Egypt and Greece in Cairo, which is expected to further deepen trade cooperation between the three countries.

In Athens on Monday, Anastasiades, accompanied by transport minister Marios Demetriades and government spokesman Nicos Christodoulides, attended a working lunch hosted by the Cypriot Shipowners’ Union.

He was then expected to award honorary certificates to relatives of Greek missing persons at an event attended by his Greek counterpart Prokopis Pavlopoulos.

Later in the afternoon, Anastasiades was expected to fly from Athens to Cairo for the tripartite summit between Cyprus, Greece, and Egypt.

Tsipras to travel to Cairo Tuesday for Greece-Cyprus-Egypt talks - KATHIMERINI

Last Egypt, Greece, Cyprus tripartite summit in December 2015

10.10.2016

Prime Minister Alexis Tsipras is to travel to Cairo on Tuesday for talks with Cypriot and Egyptian leaders on trilateral cooperation in a range of sectors.

The meeting will be the fourth such trilateral summit involving leaders of the three countries.

The last one was in December 2015.

The leaders are expected to focus on cooperation in energy and trade and closer political ties.

SOURCE

Israelis claim Cyprus gas exploration tender unfair - GLOBES

10/10/2016, 15:46
Globes correspondent

Israeli investors in C.O. Cyprus Opportunity say it should have been awarded the license for Block 8 in Cypriot waters.

A group of Israeli investors, including the general partner of Israel Opportunity, is demanding that the Government of Cyprus should declare C.O. Cyprus Opportunity and the international Norwegian operator AGR winners of the tender for Block 8 in the country’s economic waters, and receive its holding. The application to the Cyprus government is being made under the 1998 investment protection treaty between Israel and Cyprus.

The general partner, who also holds C.O. Cyprus Opportunity, claims that the Government of Cyprus infringed on his rights as an Israeli investor protected under the treaty, by refusing to grant the Cypriot partnership the ownership of Block 8, while discriminating against it in bad faith and deceptively. Sources at Israel Opportunity, controlled by Rony Halman and Uri Aldubi, estimate the damage they have sustained in the billions of dollars, and say the conduct of the Government of Cyprus casts into doubt the economic viability of Israelis’ investments in Cyprus. At the next stage, they intend to seek international arbitration against the Government of Cyprus at the International Center for Settlement of Investment Disputes established at the initiative of the World Bank, operating out of Washington.

Saudi Aramco informed Egypt about suspending oil product supply: official - REUTERS

Mon Oct 10, 2016 | 8:31am EDT

Reporting by Ehab Farouk; writing by Asma Alsharif; Editing by Adrian Croft

Saudi Aramco informed the Egyptian General Petroleum Corporation, Egypt's state oil company, in early October that it would halt the supply of refined oil products to Egypt, a government official told Reuters on Monday.

"Aramco informed the EGPC early this month of its inability to supply Egypt with shipments of petroleum products," the official said, without giving a timeline for the suspension or a reason.

Traders told Reuters last week that Egypt had not received October allocations of petroleum aid from Saudi Arabia, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.

Russia, Turkey resume gas price talks: Russian energy minister - REUTERS

A worker checks the valve gears in a natural gas control centre of
Turkey's Petroleum and Pipeline Corporation, 35 km (22 miles)
west of Ankara, January 5, 2009. REUTERS/Umit Bektas

Sun Oct 9, 2016 | 10:38am EDTReporting by Maria Kiselyova; Editing by Raissa Kasolowsky

Moscow and Ankara have resumed talks on the price of Russian gas for Ankara, Russian Energy Minister Alexander Novak said in an interview with Turkey's Hurriyet newspaper.

A gas price dispute between Turkish pipeline operator Botas and Russia's state gas producer Gazprom led to Botas launching international arbitration proceedings against Gazprom in October 2015.

The row had led to talks on their joint Turkish Stream natural gas pipeline project to be suspended earlier that year.

In November 2015, most contact between Russia and Turkey were halted after the downing of a Russian fighter jet by Turkish military, although since then Moscow and Ankara have made significant progress towards restoring relations.

Egypt says increasing tenders for oil to raise reserves -CBC / REUTERS

Sun Oct 9, 2016 9:23pm GMT

CAIRO Oct 9 (Reuters) - Egypt's recent spike in purchase tenders for petroleum products is part of ongoing efforts to build strategic stocks, the petroleum ministry spokesman said on Sunday on local television amid questions over a possible suspension of Saudi oil aid.

Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed during a state visit this year by Saudi Arabia's King Salman.

Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.

Rapprochement between Russia and Turkey - DW

09.10.2016, Author Mikhail Bushuev

What have been the most important stages in the recent history of Russian-Turkish relations? DW presents the major milestones.

On Monday (10.10.2016) the Russian president, Vladimir Putin, will visit Turkey. This visit was unimaginable just a few weeks ago. Between November of last year and June of this, and despite years spent forging a successful relationship between Turkey and post-Soviet Russia, Ankara and Moscow were in a state of cold war. DW looks back on their history over the past 25 years.

1. The end of the Soviet Union, and small businesses

Rapprochement between post-Soviet Russia and Turkey was swift. There was great demand in Russia for Western-style fashions, and small Turkish businesses stepped up to meet it. Cheap clothing from Turkey soon conquered the Russian markets. Turkish companies quickly found a niche in the Russian construction industry, and the 1997 agreement to supply gas via the Blue Stream pipeline also provided a strong stimulus.