The capacity of the Baltic Pipeline System will advance to 62m tons per year by the end of 2004 or the beginning of 2005, Transneft President Semyon Vainshtok declared in Moscow today.
He said that by the beginning of July 2003 Transneft was planning to raise the pipeline's capacity from 6m to 12m tons of oil and to 30m by the first half of 2004. On the whole, in 2003 the company is planning to pump 400m tons of oil.
Within the framework of the project Baltic Pipeline System, it is planned to construct a new 708-kilometer long oil pipeline and a number of oil refineries. The feasibility study of this project is being examined now and in the first half of 2004 it is planned to start its implementation. Vainshtok reiterated that Transneft invested $1bn in the repair of its infrastructure annually.