On the sidelines of the St. Petersburg International Economic Forum, the Far East Development Corporation (FEDC), the administration of the Nenets Autonomous Area and NORD-GROUP signed a cooperation agreement to establish a valuable fish breeding facility in the Arctic region.

The project will start with a scientific feasibility study. The company plans to start up a breeding herd of wild salmon, which will be located in Naryan-Mar, by next autumn. After that, it will take about 2–3 years for the herd to grow and then the reproduction process itself will begin. The works will be carried out on several small spawning rivers using the nesting method. There are already successful examples of aquaculture development projects in the Far East, in Sakhalin and the Kuril Islands.

By obtaining the status of a resident of the Arctic Zone of the Russian Federation, the company will be able to count on a number of federal benefits, including subsidised insurance premiums of 75% of the amount of insurance premiums for new jobs and the interest rate on loans, as well as income tax preferences, among others.