First Resident Companies in the Russian Arctic Zone
The Far East Development Corporation and investors have entered the first agreements on projects in the Russian Arctic zone; investor projects had previously been approved by the Committee of the Ministry for the Development of the Russian Far East and Arctic.5 October 2020
The project of NordStar, the first resident of the Russian Arctic zone, will be focused on modernising the Vitino Sea Port and Belomorskaya Oil Terminal in the Murmansk region, which includes modernisation of the oil terminal, the waterfront, as well as railway and road infrastructure, according to the website of the Ministry.
'After the modernisation, the terminal's capacity will exceed 4 million tons of petroleum products per year', says Denis Martynov, CEO of NordStar.
The investor is expecting to allocate approximately RUB 2.5 bn to the project. The commissioning is planned for Q1 2022.
The project of the second resident of the Russian Arctic zone, entrepreneur Tamara Kiss, involves creating a dry cleaner's in Salekhard. The investor is planning to construct a dedicated building and purchase the required equipment for dry cleaning of textiles and furs, with a total investment of RUB 16.7 mn.