Russian President, Vladimir Putin, has ceremoniously opened the Arctic Gate marine oil terminal on the Yamal Peninsula, which is to provide access for Russia’s Arctic-sourced crude to both European and Asian markets, reported Tanker Shipping & Trade.

The terminal was specifically timed to coincide with the commencement of commercial oil production at the Novoportovskoye field, one of the five major oil fields that are scheduled to come online in Russia by the end of 2016. All five fields together are anticipated to bring over 500,000b/d of crude to the global market, when they operate at their maximum capacities, according to Oil&Gas Eurasia.

Tanker Shipping & Trade added that the US $3b Arctic gate terminal will load tankers with more than 8.5mt of crude oil per year. Some of this volume may travel via the northern sea route to Asia. Putin gave the command for the first tanker to take on a cargo of oil from the Novoportovskoye field.

As the opening ceremony, VIPs and dignitaries were present including Gazprom Chairman, Alexey Miller, and Gazprom CEO, Alexander Dyukov.