I would get a custom made transition piece with angles no greater than 1:4 If I was you in whatever material your pipe is. Machining the inner bore to get the same ID and adding weld material to make up the difference in OD might be OK, but the transition piece will look a lot nicer....
Just to be clearer, it would seem that above API 5000, the connecting pipe is not a standard ASME size pipe.
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