The talks between Russia and companies that will construct the first phase of Turkish pipeline project will start soon, Russian Prime Minister Dmitry Medvedev said on Saturday.

The Turkish pipeline project, which will replace the redundant South Stream project, will meet the interests of both Russia and Turkey, said Medvedev according to Russia's Sputnik news agency.

"We are coordinating an intergovernmental Russian-Turkish agreement. Soon we’ll start talks with the companies that will build the first section," Medvedev noted.

Medveded added that aside from Turkey, some countries such as Hungary, Greece, Macedonia and Serbia have confirmed their interest in the project.

"We have taken the first step on June 22. Turkey issued a permit for the engineering surveys of the pipeline’s offshore section. This will provide a survey of the area where the first line of Turkish pipeline will be built in Turkey’s exclusive economic zone and territorial waters," Medvedev added.

The Turkish pipeline project was publicly announced during Russian President Vladimir Putin's visit to Turkey on Dec. 1, following the cancellation of the South Stream project.

The Turkish pipeline project is a Russian proposal which plans to transmit Russian gas exports bypassing Ukraine to Europe. It plans to carry 63 billion cubic meters of natural gas to Europe via the Turkish-Greek border. Turkey is due to receive 15.75 billion cubic meters out of total capacity of the pipeline.