Chinese raw materials appendage

Today, Prime Minister Vladimir Putin launched the system of oil pipeline system "Eastern Siberia - Pacific Ocean (ESPO). "This is a great event for the industry and the region" - said the prime minister. Putin recalled that the decision to build the system has been taken yet on Dec. 31, 2004. "In five years we have completed all that is conceived," - he stressed. According to him, the cost of the first stage of the ESPO was 360 billion rubles. In addition, another 60 billion was spent on the construction of the port Kozmino. "For Russia, this is a serious event. This is a strategic project, which allows to enter new markets Asia Pacific (Asia-Pacific region - ed).. Russia is there, but insufficient," - said Putin. The first export oil under the ESPO will be sent to Hong Kong, told reporters the president of "Transneft" Nikolay Tokarev. Seller of raw materials - the company Rosneft. The main purpose of the construction of ESPO - transportation of oil from oil-producing regions in Western and Eastern Siberia to the Far East and Asia Pacific markets. Construction of the pipeline in two phases: ESPO-1 (Taishet-Skovorodino) and the ESPO-2 (Skovorodino oil port "Kozmino). So far only completed the first stage. In November 2009 the Russian Ministry of Energy has made zero export duty on crude oil from fields in Eastern Siberia. This will make the sale of oil from the region even more profitable for Russian companies. To export oil to Asia will be Rosneft, TNK-BP and Surgutneftegas. "Of course, this is a promising project," - says Bank.ru analyst with Aton, Vyacheslav Bunko. "However, now difficult to talk about specific numbers. Since these projects are strategic, long term and not pay off immediately. But it is clear that demand in China is growing at a record pace, while in Europe it is falling, and there are increasingly would use energy-saving technologies. Therefore, build up our capabilities in the Asia-Pacific region is absolutely necessary. When construction was not without problems. The previous contractor, led the company (Transneft). As a result, had to borrow more, increased the cost of the project. But Transneft's managed to take the long-term loan from the Chinese, who helped stabilize the situation ", - says Bunko.