CNPC to invest $700m in Russia

CNPC to invest $700m in Russia

SINGAPORE: China National Petroleum Corp. will invest about
US$700 million in a proposed $2 billion Sino-Russian pipeline
project expected to be operational by 2005, official Chinese
media reported on Tuesday.

The 2,400 km pipeline will ship Siberian crude to China, with
most of the oil set to be used by refineries in the Daqing oil
producing region in northeast China, reported Beijing-based
industry newsletter China OGP, a unit of Xinhua news agency.

It said Russia's financial commitment to the project was
expected to total $1 billion.

A feasibility study has been commissioned and will be
completed in July or August, OGP said. It will take another 10
months for both governments to submit approval for the project
before construction can begin. -- Reuters