Turkish President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin attended a completion ceremony of the offshore section of the TurkStream pipeline, which bypasses Ukraine and connects the two countries, on November 19 in Istanbul, Turkey.

The two leaders emphasized the benefits of the project for the two countries as well as the region. 

The TurkStream project comprises of two lines, each with the capacity to carry 15.75 billion cubic meters of natural gas per year. The first line will be used to transit gas to Turkish consumers, while the second line is expected to deliver gas to southern and southeastern Europe. 

Russia expects to finish the onshore section by the end of 2019. 

During the ceremony both leaders were all smiles on stage, appearing as strong allies. 

In his speech, Erdogan focused on the relationship, stating that the "Turkish-Russian friendship that has been forged after a lot of testing over the years, is yielding beneficial results for both sides."

"We have never set the framework of bilateral relations according to other countries' demands or pressure," he said.

In 2015, Turkey downed a Russian jet it claimed was violating Turkish airspace. This resulted in several economic sanctions by Russian President Vladimir Putin – including a ban on charter flights which deeply affected the Turkish tourism industry in 2016.

It is quite an achievement for both countries to have come this far in not just normalizing relations – but strengthening ties in just two years.

During the inauguration of the TurkStream pipeline, Putin emphasized the significance of the project for the region, saying that the project will "allow our countries to substantially expand our cooperation in the gas sphere. It will have great significance for the economic development of Turkey and the whole Black Sea region."

The TurkStream will reduce Europe's reliance on Ukraine for natural gas. Putin stressed that this pipeline will guarantee Europe's energy supply.

Dr. Filiz Katman, Director of Energy Politics and Markets Research Center at the Istanbul Aydin University, said one of the most critical parts of this project is that it gives Turkey the possibility to stockpile on gas.

Katman believes this is Russia telling western European countries to get their gas from Turkey and to negotiate with Turkey.

The multi-billion project is vital for Turkey, which is almost completely reliant on external sources for energy.

Erdogan and Putin held bilateral talks following the ceremony. The two countries have several ongoing projects including the construction of Turkey's first nuclear power plant Akkuyu that's being built by Russia.