Investment Portal of the Arctic Zone of the Russian Federation
RU

New AZRF Resident in Chukotka to Invest Over 150 Billion Rubles and Employ About 650 People

The resident is implementing a project to supply power to the Baimsky Mining and Processing Plant, which is being built in the Chukotka advanced special economic zone, using modernised floating power units.

21 April 2022

Chukotatomenergo JSC (part of Rosatom State Corporation) has been granted the status of a resident of the Arctic Zone of the Russian Federation (AZRF). A corresponding agreement has been signed with the Far East and Arctic Development Corporation (FEDC).

The agreement stipulates that the new resident of AZRF will be granted a wide set of tax benefits and administrative preferences. Within the next ten years, Chukotatomenergo JSC plans to invest more than 150 billion rubles in the project for power supply to the Baimsky Mining and Processing Plant, which is being built in the Chukotka advanced special economic zone, by means of modernised floating power units, as well as to create about 650 new jobs.

"Chukotka's harsh environment and remoteness call for effective out-of-the-box solutions when implementing large-scale investment projects that will drive the region's socio-economic development. One of such solutions includes the use of modern floating power units to supply electricity to the Baimsky Mining and Processing Plant," says Anatoly Bobrakov, Deputy Minister of Russia for the Development of the Far East and the Arctic.

"The implementation of the agreement and the support measures provided are one of the most important factors for the development of our project in the Chukotka Autonomous Area. They open up new possibilities for the advanced development of the entire region," says Pyotr Matyushenko, CEO of Chukotatomenergo JSC.

"With the support of the Ministry for the Development of the Russian Far East and the regional authorities, FEDC will supervise this project, which will play a major role in the development of the Arctic, at all stages of its implementation. We will provide services, promptly assist in solving various issues and make sure that all the approved state support measures are provided," says the Acting CEO of FEDC Nikolai Zapryagaev about the agreement.

Chukotatomenergo JSC will receive economic preferences as a resident of the Arctic Zone of the Russian Federation in accordance with Federal Law No. 193-FZ of 13 July 2020 On State Support of Business in the Russian Arctic Zone.

"The Baimsky Mining and Processing Plant project is unique not only in terms of its scale and the technologies involved, but also in its impact on the development of the region. Tax proceeds to the budgets of all levels from the project will exceed one trillion rubles, which will increase the gross regional product by 100% and make the region's budget subsidy-free", stresses the Executive Director of Baimskaya Mining Company LLC Georgy Fotin.


News

See all

Tourism

Read more