Japan, Russia to Sign Deal to Build Oil Pipeline

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Last updated at: (Beijing Time) Saturday, December 28, 2002

Japan, Russia to Sign Deal to Build Oil Pipeline

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Japanese Prime Minister Junichiro Koizumi plans to sign a deal with Russian President Vladimir Putinfor joint construction of a crude-oil pipeline in eastern Russia during his trip to Russia next month, Japan's chief government spokesman said Friday.

The pipeline plan will be part of an action agenda for boostingties in economic, political and cultural spheres to be released after the two leaders meet next month in Moscow, said Japanese Chief Cabinet Secretary Yasuo Fukuda.

"We are now thrashing out details. The envisioned pipeline willbe one of the pillars of Japan-Russia economic cooperation," he said.

The pipeline would connect the port city of Nakhodka on the Russian Far East coast and the Angarsk oil field near Lake Baikal,according to Japan's Kyodo News.

The pipeline is expected to have an annual capacity of several tens of millions of tons, it said.

Japan would provide financial aid to cover part of the construction cost, estimated at several billion dollars, through the loan and investment programs offered by government-affiliated financial institutions, trade insurance and other measures, Kyodo said.

Koizumi will leave for Moscow on Jan. 9, 2003, it reported.

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