Bloomberg News

Russia’s Transneft to Spend $614 Million on Housing Through 2020

February 01, 2012

Feb. 1 (Bloomberg) -- OAO Transneft, Russia’s oil-pipeline operator, plans to spend 18.6 billion rubles ($614 million) through 2020 to buy, build and subsidize 422,400 square meters of living space for its workers.

The Moscow-based company’s plan includes investment of 4.7 billion rubles during that period to build 92,400 square meters of housing needed to support its pipeline construction projects in remote areas, Transneft said in its strategic outlook published today on its website.

The state-owned monopoly expects Russian crude exports to grow 2.8 percent in 2012 to 243.7 million metric tons and to rise 8 percent to 256 million metric tons by 2020. The company intends to invest 356 billion rubles in its network by 2020, according to the plan, which was approved by Transneft’s board of directors on Jan. 31.

--Editors: John Buckley, Matthew Brown

-0- Feb/01/2012 16:19 GMT

-0- Feb/01/2012 16:26 GMT

-0- Feb/01/2012 16:42 GMT

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net -0- Feb/01/2012 15:21 GMT


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