Putin suggests establishing a European gas hub in Turkey

Russian President Vladimir Putin has proposed Russia reroute natural gas supplies for the damaged Nord Stream pipeline to the Black Sea and establish a European gas hub in Turkey.

This development in the European gas sector came shortly after the discovery of three leaks. One in the Swedish region and two in the Danish region were discovered in the Nord Stream 1 and 2 natural gas pipelines, which are to supply natural gas to Germany.

The Scandinavian investigation, which initially pointed to Russian sabotage, suggests the U.S. may be benefiting from the damage. Moscow previously said the leaks occurred in areas fully under the control of U.S. intelligence agencies.

Now Putin says it is possible to fix the pipeline, but Russia and Europe should decide its fate.

The Nord Stream pipeline is now damaged, leaving only Nord Stream 2 with a capacity of 27.5 billion cubic meters per year.

Turkey seems to be ready to play with Putin’s proposed gas project with this proposal. That said, Turkey’s energy minister said on Wednesday that it was too early to comment on this offer.

Europe has committed to reducing at least two-thirds of its dependence on Russian gas by the end of the year and could replenish more than 90% of its oil reserves before winter without Russia having to contribute anything. Even if this comes at enormous cost.

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