The proposed $2.2-billion Kharyaga-Indiga pipeline will stretch more than 450 kilometers (280 miles) and is designed to pump 12 million metric tons per year (240,000 bbl/d) of oil from a major deposit in northwestern Russia to the country's Arctic coast.
Under existing plans, the crude will then be loaded onto tankers and shipped to Europe and North America.
"We have held public hearings and the feasibility study on investments has been turned over for a state expertise," Yevgeny Astafyev, a vice president of the Transneft oil pipeline company, said, adding that a government resolution is needed to begin construction.
He added that guarantees from domestic crude suppliers and foreign customers were also needed for work to begin.
In April, the chief executive of Transneft said a feasibility study for the pipeline, which would source oil from the Timan-Pechora basin, could be completed in November.
He said once the Kharyaga-Indiga oil pipeline went online, higher-grade Timan-Pechora crude would not have to be mixed with Russia's standard Urals blend, which has a higher sulfur content.
The Timan-Pechora field's recoverable reserves have been reported at 20 billion barrels of oil equivalent, with crude accounting for 66%, natural gas for 30%, and condensate for 4%.