Moscow and Ankara may sign the formal agreement on the planned Turkish Stream gas pipeline construction by the end of June, Russian Energy Minister Alexander Novak stated.

According to the statement, Russian companies and banks may participate in financing the Turkish Stream’s ground infrastructure construction in Greece.

Turkey may join construction of the Turkish Stream pipeline’s offshore segment within its economic zone, Novak added, referring to an approximately 200 km-long section within Turkey’s economic zone.

His words come after talks between Turkish and Russian officials on the project have been postponed until next week. The proposed meeting in St Petersburg between the head of Gazprom and Turkish Energy Minister Taner Yıldız was rescheduled as both sides work to finalize the terms of the agreement.