Russia seeks private investment in the Arctic

RUSSIA / FSU POLITICS - In Brief 09 Mar 2019 by Alex Teddy

Russia's special representative on Far East Development (Yuri Trutnev) announced that he is in favor of finding new investment regimes to open access to the Artic shelf's oil and gas fields. The Arctic shelf was once estimated to have up to 67% of the oil and gas in Russia's Arctic. At the moment only state owned companies can access it. These are Rosneft and Gazprom. That is according to a 2008 law. Lukoil is also seeking access. Lukoil has managed similar challenging projects in the Caspian Sea. The cost of developing oil in the Arctic shelf is high and it requires very advanced technolog...

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