$2Bn Investment Into Russia-China Oil Pipeline

Two billion dollars will be invested in the construction of the Russia-China oil pipeline. The decision was taken in Samara at a joint session of the committee for the project's feasibility study.

Nikolai Stepanchenko, the head of the press service of the Samaraneftegaz company, a member of the YUKOS Oil holding, said in a RIA Novosti interview. According to Nikolai Stepanchenko, the project will be financed by the companies participating in this project - YUKOS, Transneft and the Chinese oil and gas company.

The construction of the oil pipeline between Russia and China will start in 2003 and will be completed in 2005.

In 2005-2009, twenty million tons of oil will be annually pumped from the deposits in the Republic of Sakha, Western and Eastern Siberia. According to the agreement between the sides, the YUKOS company will deliver half of this amount. Even if other Russian companies refuse to take part in the project, YUKOS, according to Nikolai Stepanchenko, will be able to ensure in full this amount of oil.

In 2010, it is envisaged to double the oil deliveries under this project.

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