13 Jan 2011 13:33

Transneft won't borrow to finance projects

MOSCOW. Jan 13 (Interfax) - Transneft does not plan to borrow in order to finance the investment program.

"There is no need to borrow right now," Transneft chief Nikolai Tokarev said. "All projects are supplied with money," he said.

The company has drawn up a two-year plan for financing the investment program, which will total about 170 billion rubles in 2011 (compared with 187 billion rubles in 2010). "We are arriving at the final stage of ESPO-2 and are expanding ESPO-1 to 50 million tonnes, building BPS-2, the Ust-Luga terminal, the Purpe-Samotlor oil pipeline and Zapolyarnoye-Purpe," he said, referring to the Eastern Siberia-Pacific Ocean pipeline and Baltic Pipeline System projects respectively.

About 80 billion rubles of the investment will go to technical re-equipment.