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Transneft Approved Long-Term Investment Program

Transneft's board of directors has approved at the meeting on Tuesday the company's investment program until 2020, RBC reportd today

The news came from Transneft's press office, but no further details regarding the program's size have been revealed.

However, earlier, Transneft's President Nikolai Tokarev announced that the company had developed an investment program until 2020 worth about $19.84bn.

According to the company's statement, the program centers on investments in new projects and boosting oil pipelines' capacity.

As part of the program, Transneft intends to complete the first stage of the Eastern Siberia- Pacific Ocean (ESPO) pipeline construction in December 2009 and the second stage in December 2013.

The company is also poised to finalize works on the first stage of the Baltic Pipeline System (BTS-2) in September 2012.

Transneft's investment program for 2009 has been approved at $6.04bn.

Author: Ksenia Kochneva