Moscow, Jan 1 (ANI): The launch of a new oil pipeline between Russia's East Siberia and Chinese city of Daqing can be significant for the global energy market, a Russian expert has said.
The China Daily quoted Sergei Luzyanin, Deputy Director of Moscow's Far East Institute, as saying the project could change the flow of global energy supply and consumption.
"Russia, as a largest energy producer, turns its head from West to East. This had happened the first time in decades. Europe can not compete with China in terms of investments into Russian economy," he added.Of late, Russia has been largely dependent on European consumers for its oil exports, and is seeking alternative markets. China is emerging as a favoured destination.
"Opening of the new pipeline makes China a transit route between Russia and Asia, as China doesn't only consume energy commodities, it also re-exports them," Luzyanin said.
The pipeline, a joint project conducted by PetroChina, China's largest oil and gas producer, and Rosnef, Russia's largest oil company, is part of Russia's 4000-km East Siberia to Pacific Ocean pipeline shipment project.
In August last year, Russian Prime Minister Vladimir Putin said that Moscow aims to provide 30 million tons of crude oil to the Asia-Pacific region annually and plans to raise that amount to 50 million tons per year in the future.
As far as China is concerned, the Russia-China pipeline is designed to transport 150 million tons of crude oil per year from 2011 to 2030, though it is able to ship twice the amount when it runs at full capacity. (ANI)