Is it a beautiful dream? Russia and Greece will begin building a Greek extension of the Turkish Stream gas pipeline before the year is over and complete the job in 2019. This could be true if people trusted a memorandum the energy ministers of both countries signed in June. It seemed a foolproof solution that appeared eligible for implementation under the strict antimonopoly rules of the notorious Third Energy Package, which requires cross-border infrastructure within the EU to be independent from gas suppliers. Gazprom will neither own nor operate the future pipeline.   The ministers pledged to assist a proposed 50-50 joint venture of Russian and Greek investment banks, with initial Russian financing, to prepare a feasibility study and design a ‘South European Gas Pipeline’, a Greek segment of

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About Mikhail Krutikhin

Analyst and consultant on the oil and gas industry and politics in Russia; co-founder of and analyst with the RusEnergy consultancy in Moscow; editor-in-chief of The Russian Energy weekly newsletter. He previously served as editor-in-chief for the Russian Petroleum Investor and as associate editor for the Caspian Investor monthly magazines. Between 1972 and 1992, he worked for the TASS news agency in Moscow, Cairo, Damascus, Tehran, and Beirut, rising from correspondent to chief of bureau. Krutikhin graduated from Moscow State University majoring in Iranian linguistics, but later obtained his Ph.D. in modern history.