CNPC May Invest 8b on Pipeline to Import Oil from Russia

China National Petroleum Corp, the parent of PetroChina Co Ltd, may invest up to 8 bln yuan to build the China branch to the Siberia-Pacific crude oil pipeline, the South China Morning Post reported.

The 965-kilometer Chinese mainland section of the pipeline will be started this year and finished in 2010, according to the China Planned Projects website, the paper said.

The website is partly owned by the Investment Research Institute of China's top economic planner, the National Development and Reform Commission.

CNPC last month signed an agreement with Russia's Transneft enabling the Chinese company to build a branch line off the Siberia-Pacific pipeline, so oil could be imported to China.

Viktor Khristenko, Russia's Minister of Industry and Energy said in Beijing last month that the capacity of the branch in its first phase is projected at 15 mln tons per year, rising to 30 mln tons in Phase II.