A government agency has approved the feasibility study for the building of the first phase of a planned oil pipeline from Siberia to the Pacific Coast, Industry and Energy Minister Viktor Khristenko said on Friday.

"This last, affirmative opinion on the East Siberia-Pacific Ocean pipeline was received yesterday" from Glavgosexpertiza, an agency that looks into plans of the oil pipeline, Khristenko said, quoted by the Interfax news agency.

The total estimated cost for the first section of the pipeline is about 7 billion U.S. dollars, Khristenko said, adding that there are "no extraordinary problems" with funding for the project.

The resources will be received from the creditors that offer the best terms and consultants are currently working on this, he said.

The Russian government decided in 2004 to build the Siberia- Pacific pipeline, which will span about 4,000 km, most of it underground.

The first stage of the project is to build an oil pipeline from the town of Taishet in Siberia's Irkutsk region to Skovorodino in the Amur region. It envisions an oil terminal on the shore of Perevoznaya Bay on the Pacific Coast.

Source: Xinhua