Transneft needs $3bn in investments

Some $3bn are necessary to provide a stable functioning of Transneft oil pipelines until 2012, Transneft President Semyon Vaynshtok declared at today's enlarged meeting of the Board of the Energy Ministry devoted to 2002 results. "Some $3bn are necessary to invest in Transneft, not taking into account the construction of new pipelines", he pointed out.

The president said that in 2002 investments in the repair and modernization of oil pipelines were 1.363bn rubles (about $43m).

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