Russian Prime Minister Vladimir Putin said...

On Monday, Putin officially launched the East-Siberia - Pacific Ocean (ESPO) oil pipeline and the first shipment of ESPO oil.

"We are moving from excessive dependence on [oil] transiting countries," the premier said.

The pipeline"s first leg is designed to pump 30 million metric tons of Siberian oil to China, Japan, and Korea. Russia, which so far accounts for 5%-6% of the Asia-Pacific energy market, has yet much work to do in that direction, Putin said.

The second stretch will run 2,100 kilometers (1,300 miles) from Skovorodino, in the Amur Region, in Russia"s Far East, to the Pacific. It will pump 367.5 million barrels of oil annually.

Putin added that the pipeline would also enable Russia to take up some European oil exports in case there is an unfavorable economic situation or if economic cooperation is politicized.

Putin said earlier in the day that rows with transit nations had undermined Russia"s image as an energy supplier, prompting Moscow

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