InfoAnda - Putin launches new Russia oil route to Asia

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Putin launches new Russia oil route to Asia AFP - Tuesday, December 29 Send IM Story Print Putin launches new Russia oil route to Asia MOSCOW (AFP) - – Prime Minister Vladimir Putin launched Russia's long-awaited Siberian oil export route on Monday, hailing a "truly serious event" giving energy-hungry Asia a new supply source from the world's largest crude exporter. Putin, clad in a heavy winter parka, pushed a button that initiated the first filling of an oil tanker at a new oil terminal near the Russian Pacific port of Nakhodka, the projected terminus of the new Siberian oil pipeline. "For Russia this is truly a serious event," Putin said during the terminal inauguration ceremony at the port of Kozmino near Nakhodka, in comments broadcast on state television. "This is a strategic project because it allows us to enter completely new, growing, promising markets of the Asian Pacific region," Putin said. "This is the completion of one of the largest projects in modern Russia. And not only modern Russia. It would be a grandiose project for the former Soviet Union too." Earlier this year, Russian oil pipeline monopoly Transneft completed the construction of the first 2,694-kilometre (1,600-mile) section of the oil pipeline known by the acronym ESPO linking Taishet in eastern Siberia with Skovorodino in the Amur region. This portion of the project also included the construction of the Kozmino oil port inaugurated by Putin. The second, 2,100-kilometre (1,300-mile) section of the pipeline will run from Skovorodino to the Kozmino port. For now, oil is being delivered by rail from Skovorodino to the Kozmino port where it is then to be pumped into tankers for shipment to markets in Asia. Transneft and the Chinese oil group CNPC in October 2008 signed an agreement on the construction of a 67-kilometre (40-mil) branch line to China which will initially carry 15 million tonnes of oil a year when it becomes operational. Chris Weafer, chief strategist at Uralsib Bank in Moscow, said the opening of the new route would give Russia new export outlets and ease "the threat to export growth... poised by the congested Bosphorus." Russia has surpassed Saudi Arabia as the world's top world oil exporter due to output quota cuts by the oil cartel OPEC and to new oil fields in Siberia coming on line. Recommend Send IM Story Print Related Articles Stocks higher at open following retail sales data AP - 1 hour 24 minutes ago High expectations? States weigh marijuana reform AP - 1 hour 25 minutes ago Tel Aviv blue chip index up over 70 pct in 2009 Reuters - 1 hour 34 minutes ago MIDEAST STOCKS-Mixed day for Gulf bourses, UAE markets up Reuters - 1 hour 45 minutes ago Airline shares weaker amid renewed terror concerns Reuters - 1 hour 22 minutes ago News Search Top Stories Airports step up security after failed attack European stocks climb after Asian gains England's Cook defies South African bowlers Hugh Grant says he dreams of literary career Polanski 'overwhelmed' by messages of support More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Dutch hero 'reacted on a bang' to subdue suspect Swiss bank secrecy emerges from 2009 with holes Half of stranded Air Comet passengers rescued Hugh Grant says he dreams of literary career Obama to Hawaii for holidays, challenges await him in 2010 More Most Viewed » Tiger's wife Elin seeking divorce: reports British priest defends urging people to shoplift Century-old butter found in Scott's Antarctic hut Brazilian confesses to sticking needles into two-year-old Tiger Woods' girlfriend apologizes in TV interview More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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