BELARUS NEWS AND ANALYSIS

DATE:

01/12/2008

Putin Approves Baltic Oil Pipeline Bypassing Belarus

By Lucian Kim

Dec. 1 (Bloomberg) -- Prime Minister Vladimir Putin approved an expansion of the Baltic Pipeline System to reduce Russia's dependency on links through countries such as Belarus for crude exports.

Putin signed an order for pipeline operator OAO Transneft to build the BTS-2 link from Unecha near the Belarusian border to Ust-Luga on the Baltic Sea, the Energy Ministry said in an e- mailed statement today.

The system, with a total capacity of 50 million tons a year, will be built in two stages, the ministry said. The first phase is planned to begin shipping 30 million tons of crude a year in the third quarter of 2012.

Financing will come from long-term ruble bonds sold to state-run banks, according to the statement. A number of government agencies, including the Energy, Finance and Economy Ministries, will develop the necessary financing mechanisms together with state development bank Vnesheconombank.

Source:

http://www.bloomberg.com/apps/news?pid=20601095&sid=auvg1awFVBAk

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