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Russian Energy Minister Alexander Novak said the two countries are looking to increase energy ties

Moscow is considering shipping natural gas directly to Greece through the Turkish Stream Pipeline, which it hopes to build across Greek territory, reports International Business Times. The pipeline is planned to have a capacity of 47 billion cubic meters per annum, with construction costs of approximately €2 billion ($2.20 billion).

“Russia intends to support the recovery of the Greek economy by increasing cooperation in the energy sector,” said Russian Energy Minister Alexander Novak. “Therefore, we are looking into options for facilitating direct energy supplies to Greece in the near future.”

Giorgos Tsipras, the head of the Greek Foreign Ministry’s economic relations department, welcomed Russia’s interest, calling it “a new beginning for economic relations between Russia and Greece.”

“The new government means that we will have more of a multidimensional foreign policy and economic foreign policy, and Russia is one of the countries that we will have more relationships with,” he said.

Causing concern for the E.U. and NATO

As Russia offers Greece more support in the midst of its financial crisis, European Union and NATO observers worry that Greece might undermine ongoing efforts to sanction Russia. “There is this new relationship with Moscow and Athens, so there is concern from NATO about how it might evolve in the future,” Thomas Wright, director of the Project on International Order and Strategy at the Brookings Institute, told the IB Times. “It’s becoming part of the geopolitical frame around what is happening in Europe right now.”

United States officials have previously called on Greece to turn away from Russian energy supplies, asking them instead to rely on a Western-backed pipeline from Azerbaijan.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.