Russia is speeding up the East Siberia-Pacific Ocean oil pipeline and plans to finish the project, carrying Siberian crude to Asian markets, one year ahead of schedule by end-2012 or start of 2013, the country's pipeline operator OAO Transneft (TRNFP.RS) said Friday.

"We are confident that we can reduce the construction period of ESPO-2 by one year," said Transneft Chief Executive Nikolai Tokarev.

The first phase of the pipeline came into operations last year, while the second phase originally was planned to be finished by the end of 2013 or beginning of 2014.

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232 9197; jacob.pedersen@dowjones.com
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