"We are following the market situation, and if issuing bonds is unprofitable for us, we will stop doing it," Semyon Vainshtok told journalists on the sidelines of the International Petroleum Week in London.
One of the company's priority projects is the construction of a pipeline from Eastern Siberia to the Far East, an ambitious project to supply oil to Japan and energy-hungry China. The first section of the pipeline is scheduled to go into operation in 2008.
Vainshtok said the pipeline's construction cost estimate almost doubled to $11 billion due to the need to build generating capacities and infrastructure.
The CEO also said Transneft will soon start building a new branch of the Baltic Pipeline System.
Transneft will build a second leg of the Baltic Pipeline System to increase its annual capacity by 50 million metric tons of crude (1 million bbl/d), Vainshtok said a week ago.
The system supplies Siberian oil to the Primorsk terminal, bordering on Finland, for export to Europe and the United States, and is another project designed to lessen Russia's dependence on transit countries, with which bitter disputes have caused brief disruptions in supplies to Western countries in the last two years.
