The agreement between Turkey and Russia concerning the TurkStream Gas Pipeline Project (the ‘Agreement’) has been approved by the Council of Ministers of Turkey on 20 December 2016 and published in the Official Gazette dated 24 December 2016 and numbered 29928.
The agreement concerning the TurkStream Gas Pipeline Project was signed on 10 December 2016 in Istanbul and was found to be eligible for approval by the General Assembly of the Turkish Grand National Assembly by the Law dated 2 December 2016 and numbered 6765.
The Agreement shall enter into force following the receipt of the last written notification by the Parties through diplomatic channels of the completion by the Parties of their respective internal legal procedures required for entry into force of the Agreement and shall remain in force for the initial period of 30 years and may be extended. Russia is also anticipated to conclude its internal procedure in the upcoming days.
TurkStream Gas Pipeline Project is expected to provide a vibrant stimulus to the economic outlook between the two countries in a sustainable fashion.