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. Last Updated: 07/27/2016

Baltic Line Progress

MOSCOW -- Russia will examine Thursday a draft resolution opening the way for building a new oil pipeline, the Baltic Pipeline System, from Western Siberia to the Gulf of Finland, a senior energy official said Monday.

"The government is expected to sign a document, the first clause of which will read that construction should start in the first quarter of this year," Deputy Fuel and Energy Minister Vladimir Stanev said at a news briefing.

The pipeline, known by its Russian initials BTS, will link deposits in western Siberia and the remote Timan Pechora oil province to a port to be built at Primorsk on the Gulf of Finland, giving Russian oil direct access to the Baltic Sea. It will have a design capacity of 12 million metric tons of crude per year.

Stanev said state crude pipeline monopoly Transneft would have 50 percent plus one share in the project and the rest would be distributed between oil companies in accordance with their contribution to the pipeline.