13 May 2015 09:20

Transneft to spend 250 bln rubles/yr on pipe repairs in next 5 yrs

MOSCOW. May 13 (Interfax) - Transneft , Russia's oil pipeline monopoly, will spend 250 billion rubles annually on overhauling existing pipelines over the next five years, company president Nikolai Tokarev said in an interview with Rossiyskaya Gazeta.

"About 250 billion rubles per year for five years is designated for repair and reconstruction of operating oil pipeline and oil product pipeline infrastructure. It's a big job, but the operation of pipelines must be safe," Tokarev said.

"About 45% of the linear sections of pipelines have reached the end of their service life, since they were built in the 1960s. The program calls for replacing about 1,500 km of pipe. Plus updating of tank farms, pump units," Tokarev said.