Transneft expects Kozmino oil-loading port to be more expensive
"Transneft" expects it will be more expensive to build a special oil-loading sea port "Kozmino," the terminal point of "Eastern Siberia – Pacific Ocean" pipeline (ESPO), in the Primorsky Territory, Nikolai TOKAREV, the Head of the company, told the journalists at the World Oil Congress, RIA Novosty (News) informs. "While building ESPO we do not overrun the budget, but as for "Kozmino" the budget may be amended," Mr. TOKAREV told. He noted that it is caused by the fact of changing the site for the terminal point from Perevoznaya Bay to Kozmino; the date of commencement of the construction was a year delayed and in the first half of this year the cost of pipe increased 36%.But Mr. TOKAREV explained that it does not mean the ESPO in whole becomes more expensive as the pipeline estimate does not include the port estimate. The Head of "Transneft" also noted that the company still points the contractors to the approved estimate of the port construction leaving out of account the fact of its raising.ESPO is built in two stages: the first stage includes the building of section Taishet (Irkutsk Area) – Scovorodino (Amur Area), at the second stage the section Scovorodino – Kozmino Bay (Primorsky Territory) will be built. The first stage of the main oil-pipeline is to be completed by late 2009. The building of the second stage may start in the second half of 2009. By 20014-20015 the oil-pipeline will have a capacity of 80 million tons a year.