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Transneft to Boost 2012 Spending on Pipe Upgrades, Interfax Says

OAO Transneft, Russia’s oil pipeline operator, plans to increase spending on pipe modernization and maintenance by 10 percent this year to 94.2 billion rubles ($3.1 billion), Interfax said, citing company documents.

Transneft will boost investment in upgrades and technical re-fits by 13 percent to 84.7 billion rubles, while cutting money for capital repairs by 12 percent to 9.48 billion rubles, Interfax said.

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.

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