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Transneft to invest 2 trillion roubles in renovation, development of trunk pipelines

May 16, 2014, 0:38 UTC+3 GELENDZHIK

The company would work with time-tested and reliable partners

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GELENDZHIK, May 15 /ITAR-TASS/. Russia’s oil transportation company Transneft will invest 1.99 trillion roubles in the renovation and development of trunk pipelines until 2020, its Head Nikolai Tokarev told ITAR-TASS on Thursday, May 15.

With the active development of new fields in the Arctic region and Eastern Siberia and growing volumes of oil processing in the South of Russia, the country will need to accelerate this work, Tokarev said.

He said the company would work with time-tested and reliable partners. “We have a very good experience which we obtained when building the Eastern Siberia - Pacific Ocean oil pipeline. We decided against hiring a large number of contractors … because as a rule this adversely affects the quality, the schedule and funding,” Tokarev said.

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