Novak: Russia wants to expand port capacity by 40 mln tonnes to pipeline oil exports to EU in three years

MOSCOW. Oct 12 (Interfax) - Russia plans to expand its port capacity by 40 million tonnes of oil per year as an alternative to delivering oil to Europe via the Druzhba pipeline, Deputy Prime Minister Alexander Novak told Interfax.

"Altogether by about 40 million tonnes. This is an alternative to supplies to Europe [via the Druzhba pipeline]," he said.

Asked when this might happen, Novak said: "Some of it has already been done, and some will require investment, which will be made by Transneft within three years."

He said the required investment was about 150 billion rubles.

Novak said earlier during a Russian Energy Week panel session that expanding Transneft's trunk infrastructure and port facilities would allow Russia to redirect oil supplies, including eastward.

"In the oil sector we are expanding the trunk line infrastructure of Transneft, as well as port facilities located in Novorossiysk, Primorsk, Ust-Luga and in the east in Kozmino. This will give us the opportunity to redirect flows to the East, to the Far East," he said.