Transneft will spend some 323 billion rubles ($11 bln) to build the second stage of the East Siberia - Pacific Ocean (ESPO) oil pipeline, the head of the pipeline operator said Tuesday.
"The first stage cost 381 billion rubles [$13 bln]. We even saved [money] on what the state examination earlier estimated," Nikolai Tokarev told Prime Minister Vladimir Putin at a meeting in the southern Russian resort of Sochi.
"The second stage is to cost 323 billion rubles. We have the funds," he added.
The ESPO pipeline is being built in two stages. The first stage was launched into operation in December last year and the second stage is to be completed in 2014.
The pipeline is designed to pump up to 1.6 million barrels (220,000 tons) of crude per day from Siberia to Russia's Far East and then on to China and the Asia-Pacific region.
SOCHI, May 4 (RIA Novosti)
