Fuel and energy officials, oil managers meet to discuss BPS project

Aug 15, 1999 02:00 AM

Top Fuel and Energy Ministry officials met earlier this month to discuss plans for construction of the Baltic Pipeline System (BPS).
The session was also attended by representatives of the oil companies that are to take part in the BPS project.
Little information was available on the meeting, which was reportedly convened to discuss issues of financing and the specific roles of each participant. The session was held shortly after the European Bank for Reconstruction and Development (EBRD) announced plans to provide Transneft, Russia's state oil pipeline operator, with assistance for the BPS project.
It is not yet clear exactly what type of support the EBRD will offer. Bank officials signed an agreement on the project with Transneft representatives in late June of this year.
The Russian government began planning the BPS several years ago and in 1996 signed an agreement with domestic and foreign partners on building the line. The deal was signed by Transneft, two Russian companies (Komitekand Rosneft), the Russian-Belarusian company Slavneft and five foreign firms (British Gas, Conoco and Williams of the United States, Neste of Finland and Total of France).
LUKoil has also expressed interest in participating, and Transneft has said that the EBRD might eventually acquire its own equity stake in the project.

Source: NewsBase
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