Support The Moscow Times!

Putin Urges Investors to Join Rail Projects

APEC leaders and their spouses posing for a photo in Indonesian national costumes on the island of Bali on Monday. Dita Alangkara

President Vladimir Putin on Monday invited investors from the Pacific Rim countries to take part in large Russian projects, such as the modernization of the Trans-Siberian Railroad, or Transsib, and the Baikal-Amur Mainline, or BAM, and improving the potential of the Northern Sea Route.

"We invite businesses from Asia Pacific countries to join these projects," he said at the Asia-Pacific Economic Cooperation, or APEC, summit, which is taking place in Bali, Indonesia, Interfax reported.

Putin's visit to Indonesia coincided with his 61st birthday, which did not go unnoticed by other world leaders. Indonesian President Susilo Bambang played a guitar and sang "Happy Birthday to You" as Putin walked into the meeting pavilion, BBC Russia reported. The other participants quickly picked up the chorus to extend their own greetings to the president.

He promised to liberalize Russia's exports of liquified natural gas to Asia-Pacific countries to meet growing demand in these markets, Reuters reported.

"We realize our responsibility in this sector and therefore are planning to expand our energy cooperation with our Asian partners," Putin said.

"[Russia] will make a step towards liberalization of liquefied natural gas trade in the nearest future," he added.

The liberalization move could hurt Gazprom, which has had a monopoly on natural gas exports since 2006, though Putin was quick to reassure that the final plan will be suitable for both the state-controlled gas giant and Novatek, the country's independent and second-largest gas producer.

Putin spoke specifically about plans to get pipeline gas to South Korea, which currently only imports liquefied natural gas from Russia. The gas pipeline to South Korea could go through the ocean floor or North Korea.

"The pipeline from Sakhalin could go to Vladivostok, then the branch would continue into South Korea through North Korea or via the ocean," Putin said.

The length of this pipeline could be from 650 to 900 kilometers.

Gas industry insiders have said earlier that this option would be very difficult technically because the sea floor in this area has a complex terrain. The option to put the gas pipeline through North Korea, on the other hand, would be tricky due to the tense relations between the neighboring countries.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more