Russia raises oil pumping fees to fund Asian link

MOSCOW, Aug 5 (Reuters) - Russian pipeline monopoly Transneft (TRNF_p.RTS) said on Tuesday it has raised its shipping fees by 2.7-3.8 percent as it needs to collect more money to pay interest on the debt it raised to build a new link to Asia.

With services and material prices soaring, Transneft has already more than doubled its spending estimate for its Asian pipeline, now estimated at over $14.4 billion to build only the first stretch to supply China with 600,000 barrels per day.

The link is due to start operations at the end of 2009.

Transneft said it had raised shipping fees for oil supplies to domestic refineries by 3.78 percent and to export destinations by 2.71 percent.

Transneft is usually allowed to revise its fees at the end of each year and the government requests the state-controlled firm to cap hikes at below inflation levels to avoid further spurring prices across other industries.

Inflation is currently running at an annualised rate of 15 percent, twice as much as the government's initial target for this year.

While Transneft has postponed by one year the full launch of the Chinese pipeline, to the end of 2009, it plans to operate the line with a reverse flow towards central Russia at the end of this year.

On Tuesday Transneft said it had set a fee for the pipeline's reverse flow operation at 981.64 roubles ($41.89) per tonne. (Reporting by Dmitry Zhdannikov; Editing by Greg Mahlich)