Putin: Force of Siberia pipeline to foster gas exports, domestic grids

The approximate cost of constructing the main Power of Siberia gas line is $21 billion (770 billion rubles). The gas from the pipeline is marked for export to China as well as consumption on the Russian domestic market.

The Force of Siberia gas pipeline project will foster the development of gas grids in Siberia and the Russian Far East, which will eventually merge national gas networks into a single whole and regulate resource flows consistent with global market conditions, Russian President Vladimir Putin said.

The approximate cost of constructing the main Power of Siberia gas line is $21 billion (770 billion rubles). The 2,500 mile-long pipeline will be maintained by the Yakutsk and Irkutsk gas production centers. The gas from the pipeline is marked for export to China as well as consumption on the Russian domestic market.

"It [the gas pipeline] will not just enlarge export supplies and expand the geography of our hydrocarbon exports but will also help us make another important step towards the development of gas grids in our own country. This is especially significant for the eastern part," Putin told Northeast Federal University students on Monday.

In his words, the next step "will be even more interesting from the economic point of view."

"Once we create a pipeline network here, in the Far East and Siberia, we will be able to connect the European part of the gas pipeline system to the Eastern one. And this, from the point of view of export opportunities, from the point of view of broadening the geography of gas grids in our own country, will give us a great advantage of regulating the flows consistent with the situation on global markets - either to the West, in larger quantities and more efficiently, or to the East," the president said.

He added that the projects were rather interesting for the university because they would require at least 3,000 skilled specialists.

Gazprom has already signed a relevant agreement with the University, he recalled.

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