Russia's Prime Minister Kasyanov signs ruling outlining financing scheme for BPS

Jul 14, 2000 02:00 AM

Russia's Prime Minister Mikhail Kasyanov has signed a ruling outlining a financing scheme for the construction of the Baltic Pipeline System (BPS), Deputy Prime Minster Viktor Khristenko said. He said BPS financing would be provided both through loans and 2001 budget revenues.
"The government plans to allocate about $ 20-30 mm out of 2001 budget revenues for BPS' construction," Khristenko said. BPS involves the construction of an oil pipeline linking the West Siberian and North Russian Timan Pechora oil fields with a yet-to-be-built Baltic port at the domestic town of Primorsk. He also said BPS' expenses would be partly compensated by hiked oil transportation fees. "The hike is needed, because Transneft has to make up its expenses on BPS' construction," Khristenko said.
BPS' entire costs stand at $ 460 mm. Khristenko said BPS would be launched in 19 months. In the first stage, the annual throughput of BPS pipeline would total 12 mm tons, with a further increase to 30 mm tons in the future.

Source: Bridge News via Newspage
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