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Transneft

March 21, 2005

Decision on construction of North-Western oil pipeline will be accepted shortly

Speaking at Russian Energy Forum “FEC in XXI century” on Monday Sergey Oganesyan, the Head of RF Federal Energy Agency said, that decision on construction of the North-West oil pipeline would be accepted in the shortest possible time.

“ All issues on Timan and Pechora province are still matter of concern. That’s why any day we, jointly with Transneft JSC, will make a decision on construction which allows to grow oil production in this region”, Oganesyan said.

According to Transneft Chief Executive d-r Simon M. Vainshtock at meantime Transneft is considering issue of Kharyaga-Usa oil pipeline construction.  Transneft’s experts deem options of oil pipeline construction from the Western Siberia up to the Barents Sea  “ impracticable and economically unfounded”.

According to Transneft’s estimations construction of Kharyaga-Indiga 24 MMT/y- pipeline will total $2.2 billion. “Once the project is realized, a lot of, if not all, problems of Timan and Pechora reserve development would be resolved”, D-r Simon M. Vainshtock said.

In July 2003, the RF Energy Ministry, Transneft JSC, UKOS, LukOil, TNK and Sibneft signed a Memorandum of understanding on development of feasibility study of 50 MMT/y-oil pipeline from Western Siberia to Murmansk with probable expansion to annual capacity of 100 MMT. Later on, Surgutneftegas jointed to the agreement.

 

 

 

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