OREANDA-NEWS. December 17, 2012. A meeting of the Board of Directors of TRANSNEFT JSC took place, where an Innovation Program for the year 2013 was agreed and confirmed. The volume of financing is estimated as much as 161,4 billion RUR, 18,6 billion RUR of which are funds of oil companies which pay for cervices on joining to oil processing plants and expanding pumping capacities of trunk oil pipelines.

The Innovation Program by TRANSNEFT JSC for the year 2013 includes:

1. Innovation projects on development of the system of trunk oil pipelines of TRANSNEFT JSC, with the volume of financing of 131,9 billion RUR, including projects on building of Polar Region – Purpe trunk oil pipeline and Kuyumba – Taishet trunk oil pipeline, projects on expanding of ESPO-1 and ESPO-2, and a series of other projects.

2. Innovation Projects on development of the system of trunk oil product pipelines of “Transnefteproduct” JSC, with the volume of financing of 0,7 billion RUR: building of Kstovo – Nagornaya trunk oil product pipeline.

3. Innovation Projects on reconstruction/modernization of operating facilities of TRANSNEFT system, with the volume of financing of 28,8 billion RUR, including: overall reconstruction of a linear part of “Samara” operation control station, overall reconstruction of “Sheskharis” transshipping complex, and a number of other projects.

The Board of Directors of TRANSNEFT JSC also agreed the correction of the Company’s Innovation Program for the year 2012. On December 15, 2011 the Board of Directors confirmed the volume of financing of TRANSNEFT Innovation Program in amount of 107,6 billion RUR, and now, after its correction, it amounts 108,3 billion RUR (+0,6 % to previously agreed amount).

The main reasons for correction of TRANSNEFT’s Investment Program for the year 2012 are as follows:

actualization of confirmed schedule of the projects’ realization and real speed of production works;

issuance of a Government Resolution on realization of “Kuyumba – Taishet” trunk oil pipeline building.

Moreover, the Board of Directors of TRANSNEFT JSC agreed an expected volume of financing of an Investment Program of TRANSNEFT for the years 2014-2015 in amount of 325,3 billion RUR.