Vladimir Putin is calling it a great New Year present for his country.
The Russian Prime Minister has opened a new oil export terminal that Moscow hopes will serve as a key gateway for Russian energy supplies to Asia.
The first stage of a pipeline from eastern Siberia to a town close to the border with China was completed last month, the second stage – to Kozmino – is currently under construction.
Until the second stage of the pipeline is complete, the oil will be transported to the new Pacific terminal by train.
Observers say Russia has long been seeking to diversify its oil exports away from the West amid often frosty relations with the European Union.
They say this new project, described by Putin as one of the biggest in contemporary Russia, will allow Moscow to conquer new Asia-Pacific markets.