Russia is speeding up the East Siberia-Pacific Ocean oil pipeline and plans to finish the 4,000-kilometer project, carrying Siberian crude to Asian markets, one year ahead of schedule in 2011, 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 in 2012.

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