Vladimir Putin:"The construction of a Pacific oil pipeline will cost an extra $1 billion"

Thursday, August 11, 2022

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The construction of a Pacific oil pipeline will cost an extra $1 billion, President Vladimir Putin said in a televised question-and-answer session Wednesday. The Russian government made a decision earlier this year to reroute the East Siberia-Pacific Ocean (ESPO) oil pipeline away from Lake Baikal, the world's largest fresh water body. "We will preserve Baikal, it is our national heritage," Putin said. Construction on the ESPO, preliminarily estimated at $11.5 billion, began in April 2006. Since then, more than 100 kilometers (62 miles) have been laid, and 330 kilometers (205 miles) have been prepared for pipe installation. The pipeline is expected to pump 80 million metric tons of oil per year, including 30 million tons to energy-hungry China via an offshoot, whose construction is about to begin.