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. Last Updated: 07/27/2016

Baltic Pipeline Plans

MOSCOW -- Crude oil pipeline monopoly Transneft plans to start building a new Baltic Pipeline System, known by its Russian initials BTS, in March, Transneft vice president Sergei Grigoryev said Wednesday.

The BTS will link deposits in western Siberia and the remote Timan Pechora region with a new port at Primorsk on the Gulf of Finland, giving Russian oil direct access to the Baltic Sea for the first time since the Soviet Union broke up in 1991.

"We will begin construction in March, without waiting for a final decision on how the pipeline's share capital will be structured," Grigoryev said.