Annual profit level of Baltic Pipeline System has reached 8 billion rubles
Baltic Pipeline System has reached annual profit level of 8 billion rubles – Evgenij Astafiev, vice president of Transneft company has told today at the meeting of the Federation Council on cooperation with Audit Chamber, RBC reports. According to him, the profit is to be used for project capacity increase. Additional funds are to be attracted from external credit.
Baltic Pipeline System (BPS) was designed for oil export to the markets of Europe and USA. In First phase of BPS was put into operation in December 2001. Its annual capacity was 12 million tons of oil. In 2003 the capacity was raised to 30 million tons, in spring 2004 – to 42 million tons, by the end of 2004 – to 50 million tons. On December 27, 2004, Michail Fradkov, Chairman of the RF Government, signed a decree on BPS’s capacity increase from 50 to 60 million tons per year. According to Transneft, it will take $500 million to increase the system’s annual capacity to 60 million tons of oil.