Russia will begin test operations this week on a new oil pipeline that will start shipping Siberian crude to the Chinese border from Jan. 1, the country's oil pipeline operator said Friday.
Russia
will
begin test operations this week on a new oil pipeline that will start shipping
Siberian crude to the Chinese border from Jan. 1, the country's oil pipeline
operator said Friday.
The 84-kilometer pipeline running from the Russian town of
Skovorodino
to
the Chinese border is part of a loan-for-oil deal signed last year between the
two countries.
Under the deal that was negotiated for almost a decade,
China
is
providing
Russia
's
state-owned oil producer OAO Rosneft (ROSN.RS) and pipeline operator Transneft
(TRNFP.RS) with $25 billion in long-term loans.
In exchange,
Russia
will
export 15 million tons of crude to
China
annually over 20 years staring from 2011 through the new pipeline, equivalent
to 300,000 barrels a day.
"Test operations will begin this weekend. It will take three to four days
to fill the pipeline," a Transneft spokesman said.
China
's
state-owned CNPC is constructing the pipeline, which will extend another
1,000-kilometers to the Chinese oil production and refining hub of Daqing in
the country's northeast.
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