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Freight traffic over Northern Sea Route may reach 400 mln tons in ten years — VTB Bank

Development of the Arctic and the Northern Sea Route is among priorities of the Russia’s national policy, Deputy CEO of VTB Valery Lukyanenko noted

MOSCOW, February 29. /TASS/. The freight traffic over the Northern Sea Route can reach 400 mln metric tons in total over the decade, VTB Bank said.

"The total freight traffic over the Northern Sea Route can reach 400 mln metric tons during ten years. The freight traffic of Russian companies alone will provide for 200 mln metric tons, while 200 mln metric tons are for transit carriage of goods," VTB experts estimated.

Development of the Arctic and the Northern Sea Route is among priorities of the Russia’s national policy, Deputy CEO of VTB Valery Lukyanenko noted. The Northern Sea Route opens access to natural resources of the Arctic and Siberia, where more than 8% global oil and 20% of natural gas resources are being developed.

"According to our estimates, territories located along the transport corridor will be proactively developed during the next ten years, and new Russian plants forming along it will provide the Russian budget with more than 20 trillion rubles ($220.4 bln) by 2035," the banker added, cited by VTB.

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