Companies in Russia's Arctic Implementing 30 Sea Transit Development Projects, NPO Says

MOSCOW, (Sputnik) - Businesses based in Russia's special economic Arctic Zone are carrying out 30 projects aimed at expanding the capacity of the key local transit network known as the Northern Sea Route, the state-linked Russian Far East and Arctic Development Corporation (KRDV) said on Wednesday.

"In addition to projects affecting the increase in cargo turnover along the Northern Sea Route, residents of the Arctic Zone are also implementing projects aimed at developing its infrastructure," KDRV deputy chief for investments projects Vladimir Gudkov said, adding that "in total, Arctic Zone business residents are implementing 30 projects that affect the increase in the Northern Sea Route's cargo turnover and provide services for the development of the maritime corridor."

Gudkov added that the volume of investments in these projects has so far amounted to 18 billion rubles ($262 million). In addition, more than 460 jobs have been created, the official said.

According to the KRDV, 34.1 million tonnes of cargo were transported along the Northern Sea Route in 2022, exceeding the planned target by 2.1 million tonnes. In 2023, Russia plans to transit 36 million tonnes of cargo in the Arctic.

The Ministry for the Development of the Russian Far East and Arctic, together with the Russian state nuclear corporation Rosatom, concluded agreements with several major cargo shippers aimed at ensuring high-potential cargo traffic along the Northern Sea Route.