Russian pipeline monopoly Transneft has started building a 300,000 b/d spur to China from the massive East Siberia Pacific Ocean (Espo) pipeline following China's agreement to lend $25 billion to Transneft and Rosneft in exchange for long-term supplies of Russian oil. "We have made a historic step in Russia- China relations," Russia's powerful minister in charge of energy, Igor Sechin, said Monday at the launch ceremony in Skovorodino - the endpoint of Espo's first 600,000 b/d phase. The ceremony was attended by the heads of Transneft and Rosneft, as well as local authorities and the vice president of China National Petroleum Corp. A Transneft spokesman told International Oil Daily that the start of work meant it could access its loan from China Development Bank (IOD Apr.22,p3).
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