Investment in the construction of the first phase of the Eastern Siberia - Pacific Ocean (ESPO) oil pipeline has been reduced by RUB 14bn (approx. USD 500m) to RUB 48bn (approx. USD 1.71bn) for 2008 from earlier target levels for this year, head of Transneft's press office Igor Dyomin told RBC. He added that investment in ESPO-2, the second phase of the pipeline construction project, has been slashed by RUB 8bn (approx. USD 286m) to RUB 5bn (approx. USD 178m).
Meanwhile, investment in the construction of the Kozmino terminal on the Pacific coast has been increased by RUB 6bn (approx. USD 214m) to RUB 27bn (approx. USD 964m), according to amendments to the investment program approved by Transneft's board of directors.