Transneft to up spending on pipeline

The Board of Directors of Transneft has made a decision to allocate an additional RUR6.8bn (approx. USD263m) for the implementation of the first phase of the construction of the Eastern Siberia - Pacific Ocean (ESPO) oil pipeline, the Russian oil transportation giant said in a statement according to RBC. The company's Board of Directors approved the corresponding amendments to the investment program for the construction of the pipeline's first phase.