Turkish Stream’s construction to start in 2018

"According to our plan, construction itself will begin in 2018," Miller told Russia's Rossiya-24 broadcaster, noting that the agreement signed on October 10 entered into force that day.

Russia and Turkey signed on Oct.10 an intergovernmental agreement on a gas pipeline for deliveries of Russian natural gas to Turkey and Eastern Europe.

Miller said his company would own 100 percent of the pipeline's offshore section running below the Black Sea, adding that Gazprom planned to finance the construction of its first and second legs. A gas discount mechanism for Turkey announced by the Russian president earlier will be linked to delivery volumes, the CEO said.

"This mechanism is related to the volume of our gas supplies on the Turkish market," Miller said.