According to Turgut Gur, the Turkish co-chairman of the Turkish-Russian Business Council, bilateral trade has been developing at a record pace. It hit $15.2 billion last year, with oil and natural gas accounting for 70% of the aggregate turnover.
Russia aims to invest in Turkey's fuel and energy industries, and it also expects to participate in tenders for the modernization of Turkey's military.
Turkish companies are present in significant numbers in Russia's construction, retail and brewing industries. Russia's investment in Turkey is worth $350 million, whereas Turkey's investment in Russia totals $2 billion.
Supplies of Russian natural gas to Turkey in 2005 grew by 25% year on year, to 18 billion cubic meters, of which 5bln cu m was pumped through the Blue Stream pipeline, the largest Russian-Turkish joint energy project to date. The $3.2-bln pipeline is expected to carry 16 bln cu m annually by 2010.
The two countries are now considering building another pipeline across the Black Sea to deliver natural gas through Turkey to third countries, including Italy, Greece and Israel.
