Moscow approves plan for financing of Baltic Pipeline System

May 14, 1999 02:00 AM

The Russian Federation's government has accepted a proposal for financing the construction of the Baltic Pipeline System (BPS).
The Fuel and Energy Ministry, the Federal Energy Commission and Transneft shareholders proposed covering the $ 100 million construction bill by introducing an additional tariff on exported oil.
Government ruling No. 476 FEKu allows Transneft to introduce the tariff from May 1, 1999. The state will select sites for capital construction, but some of the finance and construction functions of state contractor will be passed to Transneft for work on the oil terminal at Primorsk.
Construction contractors and equipment suppliers will be selected by tender.

Source: DELOVOI PITERBURG via NewsBase
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