Russia's Prime Minister Vladimir Putin opened Monday the first section of the Siberian-Pacific oil pipeline network that will ultimately carry crude to China, Russian news agencies reported.
Russia
's
Prime Minister Vladimir Putin opened Monday the first section of the
Siberian-Pacific oil pipeline network that will ultimately carry crude to
China
,
Russian news agencies reported.
"This is a strategic project that will let
Russia
into
new Pacific Asia markets, where
Russia
was
present insufficiently," Putin was quoted as saying by RIA Novosti news
agency as he officially put the pipeline section into service.
He praised oil pipeline group Transneft (TRNFP.RS)for completing the section
despite the global economic crisis.
The 2,964-kilometer section links Taichet in eastern
Siberia
with
Skovorodino in the Amur region of the Russian far east.
The first section also included construction of an oil port at
Kozmino
Bay
near
Nakhodka on
Russia
's
Pacific coast.
A second pipeline section will run from Skovorodino to
Kozmino
Bay
.
Transneft and the Chinese oil group CNPC in October 2008 signed an agreement on
the construction of a 67 km branch line to China that will initially carry 15
million tons of oil a year it is becomes operational next year.
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