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. Last Updated: 07/27/2016

EBRD Deal Boosts Baltic Line Plan

LONDON -- Russian pipeline monopoly Transneft signed a cooperation accord with the European Bank for Reconstruction and Development on Tuesday and said a new oil export line to the Baltic Sea was its first priority.

The memorandum of understanding, signed by Transneft president Dmitry Savelyev and Vittorio Jucker, the EBRD's head of natural resources, is a boost for Russia's aim to create a Baltic Pipeline System.

And it helps Transneft's longer term aim for major expansion to its near 50,000-kilometer network, including new lines to Central Europe, the Caspian region and China.

The Baltic line aims create a new export route to transport crude from the oil-rich Timan Pechora province, Western Siberia, the Urals and Volga regions to the Gulf of Finland.