Pipeliners

Apr. 18, 2006 The Kommersant - Transneft launches construction of Eastern Siberia-Pacific Ocean Oil Pipeline this month, Russia's Industry and Energy Minister Viktor Khristenko announced yesterday, specifying the first stage of the project calls for loans worth 200 billion rubles overall. Construction of the oil pipeline begins in April, Khristenko said at the yesterday's sitting of his ministry with the board of Russia's Union of Industrialists and Entrepreneurs. Propelled by President Vladimir Putin, the project is launched despite a raft of protests of nature protection organizations, emphasizing its obvious threat to Baikal Lake and environment. The first stage of the Eastern Siberia-Pacific Ocean Oil Pipeline, which feasibility study was OKed by the state experts in early April, provides for laying 2400km pipeline from Taishet (the Irkutsk region) to Skovorodino (the Altai district) and constructing a terminal in the Primorie region. Khristenko said the talks are underway both with Russia's and foreign creditors to raise money for the first stage of the project. The overall amount will reach 200 billion rubles, the minister pointed out and specified that the pipeline won't have a sole creditor. The first loan will be raised with Sberbank, Transneft Vice President Sergey Grigoriev named the first bank, which will fund construction.