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Turkey highlighted its growing geopolitical clout in Europe's energy sphere as, less than a month after agreeing a deal over and hosting the signing ceremony for the EU-backed Nabucco gas pipeline, it agreed to allow its territorial waters to be used for Russia's rival South Stream gas pipeline. On August 6, visiting Russian Prime Minister Vladimir Putin met with his Turkish counterpart, Recep Tayyip Erdogan, and agreed to embark on an environmental study in Turkish waters for the €8.6bn South Stream pipeline, which when completed at the end of 2015 will transport up to 63bn cubic metres of Russian gas per year (cm/y) from Russia's Black Sea coast, through Bulgaria, Greece and Serbia, and on to Italy and Austria. Turkey also got a 20-year extension on its contract to buy Russian gas, which runs out in 2011. Turkey is Russia's third-largest gas customer after Germany and Italy, buying 24.5bn cm/y last year, according to Gazprom data. Turkey has complained about the high price it pays for this gas; Putin said the contract was renewed on favourable terms to Turkey, but the details remain unclear.
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