Every region in the Arctic should have major investment projects
The 10th-anniversary Arctic: Today and the Future International Forum was held in St. Petersburg.10 December 2020
Aleksander Krutikov, the First Deputy Minister of the Ministry for the Development of the Russian Far East, spoke at the plenary session, reporting on the work achieved by the Ministry for the Development of the Arctic Zone of the Russian Federation.
'Our goal is to stimulate major investment projects in every region of the Arctic, which would create brand new economic stimuli and improve the quality of life for the people living there. Despite the economic hardships of this year, we've made great strides towards this goal', he stated.
According to the First Deputy Minister, the construction of a new high-tech pulp mill in the north of Karelia has already been approved. Segezha Group will invest over RUB 80 billion in this project. Their decision to invest in the implementation of the project was positively influenced by the new Arctic benefits offered.
In the Murmansk region, a priority development area called 'Capital of the Arctic' was also created to supplement the Arctic benefits. There are five major projects underway within the region, attracting a combined capital of RUB 220 billion. The Kovdorskoe Ore Processing Plant renovation project deserves a special mention.
In the Arkhangelsk Region, the Pavlovskoe deposit development project will receive RUB 7 billion of federal aid for infrastructure development. The benefits and infrastructure aid provided by the state, coupled with new technological solutions, allowed the investor to radically revise the economics of the project and decide to implement the plans.
'The law passed on Yamal will allow us to launch at least five more projects as big as Yamal LNG within the next 10 years. Thanks to the benefits provided in the Krasnoyarsk Territory, the development of a new oil province in the Arctic — Vostok Oil of Rosneft — has now begun. It will become the largest economic project in the Russian Federation. A Syradasaiskoye deposit investor has initiated construction on infrastructure on Taymyr. The development of the Tirekhtyakh Ruchey tin deposit has also commenced in the Arctic zone of Yakutia. This will be the first, albeit not very big, project in the region. This project has been under discussion for years, and the new benefits have finally made it possible', said the Russian First Deputy Minister.
Combined, these projects will provide work for thousands of Russian businesses in the fields of shipbuilding, mechanical engineering, and the manufacturing of construction materials and other supplies.