The ambitious East Siberia-Pacific Ocean (ESPO) oil pipeline, managed by the company, is slated to pump up to 1.6 million barrels per day of crude from Siberia to Russia's Far East, which will then be sent on to China and the Asia-Pacific region.
The Transneft board decided that the company's subsidiaries would provide their additional financial source for the allocation.
Earlier this month, the company revealed plans to attract a loan worth at least 10 billion rubles ($386 million) to finance ESPO construction.
The ESPO project was launched in April 2006 and the first leg of the pipeline, 2,700 kilometers (1,677miles) long and estimated at $11 billion, will be commissioned in December 2008. It will link Taishet, in the Eastern Siberian region of Irkutsk, to Skovorodino, in the Amur region, in Russia's Far East.
The initial project plans have been revised as the pipeline's first stage was rerouted for ecological reasons about 400 kilometers (250 miles) away from Lake Baikal, the world's largest freshwater body, and divided into three segments following a series of discussions and a presidential order.
The second stage will involve the construction of a Skovorodino-Kozmino pipeline, to pump 367.5 million barrels per year, and an increase in the Taishet-Skovorodino pipeline's capacity to 588 million barrels.
Andrei Dementyev, deputy industry and energy minister, said in March that Russia will be able to claim 6-6.5% of the Asian crude market once the Eastern Siberia-Pacific Ocean pipeline is fully operational.
