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Russian Minister determines investment potential in Arctic energy sector

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Russian Minister determines investment potential in Arctic energy sector

Over the next 20 years, the potential of investments in the Arctic energy sector will amount to $400-600 billion, the head of the Energy Ministry of Russia, Alexander Novak, told reporters.

“Since the potential is large, the amount of investment that will be spend within the next 20 years totals about $400-600 billion, which is needed for projects implementation,” Russian Minister said.

In addition, Alexander Novak highly appreciated the prospects of development of energy industry in the Arctic.

“Energy development on the Arctic shelf is a strategic goal, because oil and gas production center is shifting to the Arctic regions as traditional fields in the Khanty-Mansiysk autonomous district deplete”, — he stressed.

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