Speaking at Russian Energy Forum “FEC in XXI century” on Monday Sergey Oganesyan, the Head of RF Federal Energy Agency said, that decision on construction of the North-West oil pipeline would be accepted in the shortest possible time.

“ All issues on Timan and Pechora province are still matter of concern. That’s why any day we, jointly with Transneft JSC, will make a decision on construction which allows to grow oil production in this region”, Oganesyan said.

According to Transneft Chief Executive d-r Simon M. Vainshtock at meantime Transneft is considering issue of Kharyaga-Usa oil pipeline construction.  Transneft’s experts deem options of oil pipeline construction from the Western Siberia up to the Barents Sea  “ impracticable and economically unfounded”.

According to Transneft’s estimations construction of Kharyaga-Indiga 24 MMT/y- pipeline will total $2.2 billion. “Once the project is realized, a lot of, if not all, problems of Timan and Pechora reserve development would be resolved”, D-r Simon M. Vainshtock said.

In July 2003, the RF Energy Ministry, Transneft JSC, UKOS, LukOil, TNK and Sibneft signed a Memorandum of understanding on development of feasibility study of 50 MMT/y-oil pipeline from Western Siberia to Murmansk with probable expansion to annual capacity of 100 MMT. Later on, Surgutneftegas jointed to the agreement.