Dec. 29 – Russia opened a new oil export terminal at Kozmino on the Pacific Ocean on Monday to cater to the rapidly growing Asian energy markets.
“This is a great New Year present for Russia,” Prime Minister Vladimir Putin told workers at the opening ceremony in Kozimino, near the city of Vladivostok.
“This is the completion of one of the biggest projects in contemporary Russia. This is a strategic project because it allows (Russia) to come to new markets, the growing Asia-Pacific markets,” Putin said.
The terminal cost Russia’s pipeline monopoly Transneft US$2 billion to construct. The corporation also spent US$12 billion to connect Siberian fields with a pipeline to East Siberia from where crude is sent to Kozmino by rail while a pipeline spur goes to China.
The terminal will eventually be served by a US$10 billion oil pipeline across eastern Siberia. The network will allow Russia to reorient a large part of its oil trade, which is now focused on Europe, towards the East.
Russia, the world’s top oil producer as Saudi Arabia maintains OPEC-led supply curbs, plans to export 3.1 million metric tons of oil via Kozmino in the first quarter of 2010.
Further Reading:
The Greater Tumen Initiative Investment Guide
Northeast Asia Cooperation Forum Promotes Regional Development
