MOSCOW, September 13 (RIA Novosti) - Transneft [RTS: TRNF] will start preparing documents for its debut Eurobond issue in October, the oil pipeline company's vice president said.
Yevgeny Astafyev said the company would use Eurobond proceeds to finance the construction of the first stage of the East Siberia-Pacific (ESPO) oil pipeline.
"We'll start drafting documentation for the debut Eurobond issue in October," Yevgeny Astafyev said.
Construction of 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 mln metric tons of oil per year, including 30 mln tons to energy-hungry China.