Watching the World: Thumbs down to Transneft

Russia has set aside plans to build a $2.2 billion pipeline to the Arctic Ocean that may have increased supplies to the West, looking instead at Asian markets to the East.That’s according to Sergei Yevlakhov, a vice-president at Russia’s state-run pipeline monopoly OAO Transneft, who told a London conference that the proposed Kharyaga-Indiga link isn’t needed as export growth slows.No less important, he told conference delegates, Transneft’s planned oil pipeline to Asia will start working on time in 2008 after problems with environmental approval are solved.But he may be too optimistic.Over-optimism?A spokesman for privately owned Lukoil granted there is no immedia...

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