Gazprom Estimates TurkStream Costs at $12.5 bln

Russia's Gazprom expects its TurkStream project to cost 11.4 billion euros ($12.51 billion) excluding value added tax, a company official told a conference call on Monday.

The first line will cost 4.3 billion euros, he added. TurkStream, which should replace Russian gas transit via Ukraine, is planned to consist of four lines with a total annual capacity of 63 billion cubic metres.

Another Gazprom representative told a conference call that average gas prices for Europe this year would amount to between $235 and $242 per 1,000 cubic metres.

(Reporting by Katya Golubkova)