This paper aims to answers the question: Why Gazprom cancelled South Stream, and replaced in with Turkish Stream? In addressing this question, the thesis examines the debate surrounding the need for Turkish Stream — on the validity of which the interviewees of this study were split. Some regarded this project as part of Gazprom’s profit-oriented approach given the threat to its market share amidst liberalization in Europe — its largest export market. However, others believed there is no demand for the project. With interviews conducted with Turkish and European individuals in the energy sector as well as through risk modeling, the paper concludes that the decision to replace the pipeline was part of Gazprom’s strategy to tackle the challenges it has faced in the European market in order to secure its position in that market.