• Wednesday, 16 May, 2012

Baltic pipe on course

 08 November 2001 11:40 GMT

Russian pipeline operator Transneft is gearing up to inaugurate the Baltic Pipeline System (BPS) on 20 December.

This week, Transneft president Semion Veinstock visited the new Primorsk oil terminal on the Baltic Sea near St Petersburg to inspect preparations for the ceremony.

BPS will add 240,000 barrels per day to Russian oil exports to west European markets.

The company has persuaded prime minister Mikhail Kasyanov to sign a resolution to proceed with the second phase of the project which will boost BPS throughput capacity to 360,000 bpd.

Transneft will be responsible for raising finance for the second phase. However, Russian oil producers will repay the loans as Kasyanov has sanctioned an increase in oil transportation tariffs to recoup investments.

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