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Russian pipeline operator Transneft will direct 73pc of its 2002 net profits, or around $323mn, to boost capacity of the Baltic Pipeline System (BPS). Senior government figures say expanding BPS will take priority over other routes for the time being.
The decision to fund BPS expansion was made at Transneft's AGM on 27 June by Russian deputy energy minister Vladimir Stanev, representing the state's 75pc stake--and 100pc voting rights--in the pipeline operator.
The so-called BPS II project provides for a boost in the pipeline's throughput to Primorsk from 240,000 b/d to 840,000 b/d by mid-2004. "The Baltic route is the priority project, along with …