Rospan International, a member of the TNK-BP group, said the 232-mile pipeline would transport oil from the Yamal-Nenets autonomous district.
"This is one of the biggest infrastructure projects in the region and will be of great significance for the company's future," Olga Malyshkina, a vice president for supply chain management, said in a statement.
In February, TNK-BP announced plans to finish a drilling campaign in the Yamal-Nenets region to access some 2.25 billion barrels of oil.
Regional production has been low because of a lack of export options.
TNK-BP is the third-largest Russian oil producer.
The Yamal Peninsula is set to become a new production center for processing of liquefied natural gas. The development of the Sakhalin-Khabarovsk-Vladivostok pipeline and other liquefied natural gas hubs in the region are top developmental priorities for Russian natural gas company Gazprom.
More than 85 percent of LNG deliveries from Gazprom were to Asia-Pacific countries in 2011.