Moscow: Turkish Stream the new South Stream

Moscow said Wednesday a Turkish gas project will help ensure European energy security, the same reason given for the abandoned South Stream pipeline.

Russian Foreign Minister Sergei Lavrov said the so-called Turkish Stream gas pipeline will do the same as a project the government in Moscow pulled off the table in late 2014.

"We expect it to be realized and help enhance Europe's energy security, therefore freeing it from problem transit states," he told reporters.

Russia meets about a quarter of the natural gas needs for the European economy. The majority of that runs through the Soviet-era transit network in Ukraine, where lingering debt issues and ongoing conflict present risks to traditional energy routes.

Russian officials in mid-December confirmed South Stream, touted as the answer to transit woes, was no longer viable as envisioned in 2007. Instead, Russian energy company Gazprom said Turkish Stream would take its place in the Black Sea.

Fitch Ratings said last year the South Stream decision reflected low demand for additional natural gas volumes in the European market as much as it does frustration with Russia's role in the market. Austrian energy company OMV, a former South Stream consortium member, said it viewed the recent announcements as political in nature.

Lavrov said members of the European community have already expressed interest in the Turkish project. European leaders, however, are wary of letting production companies like Gazprom control transit arteries.