FADEYEV: OIL WILL BE TRANSPORTED TO CHINA VIA RAILROAD

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MOSCOW, October 21 (RIA Novosti) - Oil will be transported to China by means of railroad, President of the Russian Railways joint-stock company Gennady Fadeyev said, referring to a statement by Minister of Economic Development and Trade German Gref that oil supplies to China via railways would increase to 30 mln tons a year.

Fadeyev reported that the Ministry of Economic Development had submitted a corresponding document to the Russian Railways company.

The document contains a business plan, which supposes competitive railway tariffs to make railroad transportation more efficient than pipeline one, the official said.

"We shall lower the tariff if oil supply volumes increase," the president of Russian Railways said. Railways will rival pipeline transportation, he aggregated.

It is unreasonable to invest $12 bln in the construction of an oil pipeline to China and wait for returns 8-10 years, Fadeyev pointed out. It is better to use "open opportunities" of the railway transport, including Baikal-Amur Mainline, the official underlined.

"The socioeconomic effect of the project will by hard to measure," Fadeyev continued.

The official expressed hope that the Ministry of Economic Development and Trade would promote the document higher.

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