MOSCOW, July 29: China is ready to help finance the construction of a Russian oil pipeline carrying Siberian crude to the Chinese city of Daqing, the Chinese ambassador to Moscow said on Tuesday.

Japan, which is pushing a rival plan for a pipeline from Russia, earlier this month raised the stakes by offering huge investments to help explore remote Siberian oilfields if Russia gave this project priority.

“Today, all the financial and technical details concerning the construction of the pipeline have already been discussed and the final decision regarding the route of the pipeline must now be taken,” the Chinese envoy Jang Deguang told the ITAR-TASS news agency.

“If the works starts now, the oil could reach Daqing in three years,” the ambassador added, explaining that China was ready to provide money for the construction of the Russian as well as the Chinese branch of the line.—AFP