"TNK-BP fills Ukrainian pipe"
10 Oct 2003
Russian oil workers start to export oil along the Ukrainian pipe Odessa - Brody. Last Friday, the Supervisory Council of Ukrtransnafty approved receiving on TNK-ÂÐ credit 450,000 t of oil for the pipe technological filling. In July, in their letter to the Ukrainian Prime-minister Viktor Yanukovich TNK-ÂÐ, LUKOIL, YUKOS, Sibneft and Slavneft provided guarantees of the pipe annual load 9 million t of oil flowing from Brody to Odessa. In September, TNK-ÂÐ proposed to Ukrtransnafty to deliver on credit terms 45,00 t of oil for three years against 8% interest. Total loan sum will be $90 million. The received oil will serve as technological pipe filler, allowing to start pumping of crude oil. It was planned that already in September the Ukrainian government would come to decision on how they will use the Odessa-Brody pipe. But instead, the Cabinet of Ministers decided to attract an independent expert to evaluate benefits of pumping Russian oil to Odessa. In reply, TNK-ÂÐ reduced the proposal period to October 8. However, Press-secretary of Ukrtransnafty Alexander Pidziraylo has reminded that "filling of the pipe with technological oil is just a first step towards the pipe operation." The ultimate decision will be taken only upon the consultants have their say. But even if it is positive, it will not deliver Russian oil workers from the deficit of export capacities, believes Prospekt analyst Dmitry Tsaregorodtsev. He says, given planned production growth by 15 - 20 million t, the oil workers will still have to build new terminals already in 2005.
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