The East Siberia – Pacific Ocean (ESPO) oil pipeline funded by Russia’s state-owned Transneft will reach the Chinese border within the next few weeks, according to a government report read by Prime Minister Vladimir Putin.
This February, Russian and Chinese governments agreed to the construction of the ESPO oil pipeline as well as a long term deal which will supply China with much needed oil to support its burgeoning economy.
In the report, Putin also announced that the government would be spending 3 trillion rubles (US$90 billion) on anti-crisis measures, 1.4 trillion (US$42 billion) of which will be supported by the federal budget.
“Anti-crisis measures stipulate 1.4 trillion rubles in funds. On the whole, taking into account the effects of tax cuts, Central Bank funds, the National Welfare Fund and other sources to fight the consequences of the crisis and help the economy rebound, a total of 3 trillion rubles has been allocated,” said Prime Minister Putin.