16:38 GMT28 January 2020
Listen Live
    Business
    Get short URL
    0 35
    Subscribe

    Arctic development will become one of the most critical and promising areas for capital investment in the next few years, with enormous consequences for the global economy, according to experts at a roundtable hosted by Rossiya Segodnya.

    MOSCOW (Sputnik) — The multimedia roundtable, with speakers participating in Moscow and Arkhangelsk via video, addressed Arctic development priorities and prospects.

    The unique mineral resources and transit potential of the Northern Sea Route were characterized as a driver of the region’s economic development. Russia has already prepared 145 Arctic development projects, worth 4.8 trillion rubles, including almost 4 trillion from the private sector. 

    “If we want to remain on the list of leading countries, we must develop the Arctic just as all others. This territory, cold and seemingly not particularly attractive in terms of investment, is the main capital destination this century,” Dmitry Zhuravlyov, general director of the Institute of Regional Problems, said. “The Arctic is something that the global economy today cannot do without.”

    His view was echoed by Mikhail Delyagin, director of the Institute for Globalization Problems.

    “On the whole, the development of the Arctic shelf and the Arctic in general will be a means to stimulate development of the entire country,” he said.

    According to Rustam Tankayev, a leading expert at the Russian Union of Oil and Gas Industrialists, Russia’s Arctic program is entering an active phase.

    “The program to build Rosneft’s Zvezda shipyard cluster alone is worth 145 billion rubles. Building three nuclear-powered ice breakers – Arctic, Siberia and Ural – is another 87 billion,” he said, adding that the Russian government has issued licenses for the exploration and development of deposits in an area of 2 million square kilometers, i.e., almost two-thirds of the Arctic territory.

    “Rosneft received most of the licenses and it is the most active in the region. Rosneft’s program is extremely wide-ranging. The company participated in drawing up this program and this is something to be proud of. The program includes building infrastructure, creating research and production clusters and fostering new technologies to develop the North,” Tankayev said.

    Related:

    Norway Explores Arctic's Resources Alongside Russia - Despite Sanctions
    Norway Hopes to Resuscitate Oil Industry With Arctic Projects
    10 Polar Bears Surround Five Russian Researchers Stranded at Arctic Station
    Tags:
    gas, oil, economy, Northern Sea Route project, Rosneft, Northern sea, Arctic, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik