TurkStream’s connection to Central Europe complete as Hungary receives first gas via Serbia Report

Insight 15 October 2021

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Report summary

Whilst much of the discussion concerning Russian gas deliveries to Europe has centred on the construction and delivery of gas via the NordStream 2 pipeline, the other new pipeline, TurkStream string 2, bringing gas to Hungary via Serbia and Bulgaria has gone almost unnoticed. This is nevertheless an important addition to Russia’s delivery options to Europe. Like NordStream 2, TurkStream string 2 offers an alternative route to market for Gazprom, further diminishing the role of Ukraine as a future transit country. This is a timely addition of gas infrastructure, as it also opens the opportunity to increase supply optionality to the whole region of Southeast Europe.

Introduction
- Turkstream string 2 completed on time
- What is the rationale behind this route?
- New gas contract signals European commitment to Russian gas, but Gazprom capacity bookings lack behind
- Start of flows signals a shift in market dynamics for Central Europe and Ukraine transit