MOSCOW: The Arctic's proven global hydrocarbon reserves' value is $3.6 trillion, press service of the Eastern State Planning Center ...
MOSCOW: The Arctic's proven global hydrocarbon reserves' value is $3.6 trillion, press service of the Eastern State Planning Center (Vostokgosplan) said.
"The Arctic is of great importance for Russia and the world. It is a reserve of resources. The value of the Arctic's proven global hydrocarbon reserves is $3.6 trillion. The biggest share of Arctic gas and oil reserves belongs to Russia - 73% of gas and 45% of oil, which points to this country's key role in the region," the press service said.
Mining retains leading positions, especially in the Nenets (83.7% of GRP) and the Khanty-Mansi (78.8%) Autonomous Regions. Processing facilities are mostly in the Krasnoyarsk (27.6%), Murmansk (22.3%) and Arkhangelsk (21.4%) Regions, adding to the economy's raw materials focus.
"The Arctic's current economy is more than 9.7 trillion rubles ($119 billion). It relies on a powerful resource base of hydrocarbons and on solid minerals. Enterprises in the Murmansk Region, Norilsk, Yamal, Arkhangelsk Region and Chukotka form the region's industrial backbone," Vostokgosplan's Director Mikhail Kuznetsov said.
Russia plans to implement in its Arctic Zone seven key investment projects with a total investment of more than 20 trillion rubles ($246 billion), where 14.6 trillion rubles ($180 billion) are for mining and 5.4 trillion rubles ($66 billion) - for processing industry. The region's key project is Vostok Oil with investment of 11.75 trillion rubles ($145 billion) and 83,000 jobs. In the gas production and mining industries, main projects are Arctic LNG, Norilsk Nickel's projects, and the Baimskaya Mining Company.
-News Feed
COMMENTS