Pipeliners

14 May 2007 - Upstream OnLine - Russian oil pipeline monopoly Transneft has announced a tender to raise at least 10 billion roubles ($388 million) to fund construction of Russia's first pipeline to China. The company said in a statement it would borrow the money for at least five years and would also use it to finance other projects approved by the government. The results of the tender are expected on 13 June. Transneft is building an $11 billion pipeline from eastern Siberia to the Chinese border, and may extend it to the Pacific Ocean if enough oil is found in the relatively unexplored Siberian region. The first leg of the pipeline is due to be completed by the end of next year. In February, Transneft raised $1.3 billion via loan participation notes. Interfax news agency reported in February the company would borrow another $6.7 billion for the pipeline within 18 months.