Economics

10:46, 07.08.2009 | Far East Russia

Russian Prime Minister Vladimir Putin attended opening ceremonies Friday for construction of the first leg of a new natural gas pipeline in Russia's Far East.

The Sakhalin-Khabarovsk-Vladivostok pipeline is designed to boost economic recovery and also supply natural gas to Asia and the Pacific Rim.

"Even in difficult conditions of the global economic crisis Russia is capable of implementing most ambitious and large-scale projects," Putin said.

The first stage of the 1,100-mile pipeline is expected to be completed in the third quarter of 2011.

Putin says the pipeline is the first part of a development program aimed at tapping resources in East Siberia and the Far East.

"Dozens of fields have to be developed and started up from zero," he said.

Domestic markets are expected to consume most of the natural gas produced.