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Transneft Announces Plans

Transneft head Nikolai Tokarev said Friday in Atyrau, Kazakhstan, that oil shipment tariffs would rise 8 percent by the end of 2011.

He added that there has been no progress in talks on China's payment for oil deliveries via the East Siberia-Pacific Ocean pipeline.

Transneft may export 30 million tons of oil via its new Ust-Luga pipeline next year as well as 68 million to 70 million tons via Primorsk. There will be no cuts in oil deliveries via the Druzhba pipeline. Transneft may drop plans to build an oil pipeline through Greece and Bulgaria, bypassing Turkey's crowded Bosporus. Russia is content to freeze the project and doesn't plan to immediately tear up agreements on building the link, Energy Minister Sergei Shmatko said.

(Reuters, Bloomberg)

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