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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Baltic pipe to get bigger



By Upstream staff 

The Russian government said on Monday it had allowed state pipeline monopoly Transneft to raise borrowings to finance the enlargement of the new crude export route with an oil terminal on the Gulf of Finland.

The resolution, signed by Prime Minister Mikhail Kasyanov, said the Cabinet backed the enlargement of the annual throughput capacity of the Baltic Pipeline System (BPS) to 360,000 barrels per day.

Transneft said last week it was planning to complete the first stage of the BPS by December 2001 and to ship 245,000 bpd of western Siberian crude to the terminal of Primorsk by 2002. The monopoly has already invested some $450 million in the BPS and will need another $200 million to boost its capacity.

Russia is pumping at full capacity now, Reuters reported. The country's crude output rose to 6.94 million bpd in the first 10 months of 2001 from 6.45 million bpd in January-October 2000.


Monday, 05 November, 2001, 20:54 GMT  | last updated: Tuesday, 03 May, 2005, 15:18 GMT

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