Investments in Russian Energy Sector in Arctic for 20 Years Assessed at $600 Bln

Investments in Russia's fuel and energy sector in the Arctic for the next 20 years are estimated at $400-600 billion, Russian Energy Minister Alexander Novak said Wednesday.

ARKHANGELSK (Sputnik) — On March 29-30, the Russian city of Arkhangelsk is hosting an international forum called "Arctic: Territory of Dialogue." The main issues on the agenda are human resources, investments in the region, exploration of the Artic and environment protection.

This year, the fourth such event will be held; it will be focused on social and economic problems, rather than politics. It is expected that Russian President Vladimir Putin, Finnish President Sauli Niinisto and Icelandic President Gudni Th. Johannesson will deliver closing speeches.

"In general, since the potential is large and investment is huge here, which will be developed over the next 20 years, it's about $400-600 billion. These are the funds that are needed to implement projects that are in the plan, in the energy industry development strategy," Novak told reporters on the sidelines of an international Arctic forum.

The forum in Arkhangelsk is taking place a month before the Arctic council, an intergovernmental platform for the Arctic nations. This year, the council will meet in Fairbanks, Alaska in the United States. It will involve representatives of the US, Russia, Canada, Denmark, Finland, Iceland, Norway and Sweden.

The council was established in 1996 to address the problems faced by the Arctic countries and their indigenous people. At the same time, the Council cannot discuss military issues.