The execution of the North Sea Route (NSR) development plan through 2035 is expected to yield over RUB 20 tn, thus returning the investments tenfold. Aleksey Chekunkov, Minister for the Development of the Russian Far East and Arctic, made this statement at a Federation Council meeting on the Development of the Far East, Arctic and Antarctic on 4 April. SenatInform reports this.

The minister stated that the cargo flow along the North Sea Route reached 36 mn tons in 2023. The expectation for this year is that it will surpass 100 mn tons, but this requires the initiation of key projects that generate a cargo base. This refers to the initiatives of Novatek, Rosneft, Severnaya Zvezda, Nornickel, mineral fertilizer exports and the shift of oil exporters from west to east.

The minister further noted that a total of RUB 1.8 tn will be invested in the development of the North Sea Route, making this project 'one of the most extensive plans approved by the Government.'

'The tax revenues from the planned exports are estimated to be around RUB 20 tn. In terms of its benefit to the country, it could be one of the most successful infrastructure projects in Russian history,' highlighted Aleksey Chekunkov.