VLADIVOSTOK, Russia, Dec. 28 - Russian Prime Minister Vladimir Putin on Monday launched the first section of the Eastern Siberia-Pacific Ocean (ESPO) pipeline.
"It is an important event for Russia. It is a strategic project, which enables (Russia) to enter new markets in the Asia-Pacific region," Putin said at the launching ceremony held at an oil terminal in the port of Kozmino near the Pacific city of Vladivostok.
Putin activated the oil pipeline transportation system, allowing oil pumping to the first tanker.
"This is an excellent New Year gift to Russia," said Putin as cited by news agencies.
The first leg of the ESPO project has cost 360 billion rubles (12.1 billion U.S. dollars), while another 60 billion rubles (2 billion dollars) has been spent on construction of the Kozmino terminal.
The ESPO pipeline, running from Taishet in eastern Siberia to Nakhodka, is more than 4,000 km long.
In February, Russia and China signed deals on the construction of an ESPO branch toward China and long-term Russian oil supplies to China. The branch, which runs from Skovorodino to China's northeastern city of Daqing, is expected to come on line in October 2010.
"It is an important event for Russia. It is a strategic project, which enables (Russia) to enter new markets in the Asia-Pacific region," Putin said at the launching ceremony held at an oil terminal in the port of Kozmino near the Pacific city of Vladivostok.
Putin activated the oil pipeline transportation system, allowing oil pumping to the first tanker.
"This is an excellent New Year gift to Russia," said Putin as cited by news agencies.
The first leg of the ESPO project has cost 360 billion rubles (12.1 billion U.S. dollars), while another 60 billion rubles (2 billion dollars) has been spent on construction of the Kozmino terminal.
The ESPO pipeline, running from Taishet in eastern Siberia to Nakhodka, is more than 4,000 km long.
In February, Russia and China signed deals on the construction of an ESPO branch toward China and long-term Russian oil supplies to China. The branch, which runs from Skovorodino to China's northeastern city of Daqing, is expected to come on line in October 2010.
