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Foreign capital necessary in Arctic if of use, senator says

February 09, 17:33 UTC+3 MOSCOW
Attracting of foreign investments in development of the Russian Arctic is not always reasonable, according to the senator
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© Artiom Geodakyan/TASS

MOSCOW, February 9. /TASS/. Attracting foreign investments in development of the Russian Arctic is reasonable only in case of clear benefits from getting new intellectual products, technologies or equipment, head of the parliament’s upper house Council on Arctic and Antarctica Vyacheslav Shtyrov said on Thursday.

"Attracting of foreign investments in development of the Russian Arctic is reasonable only in cases, where we receive sufficient benefits from receiving new intellectual products, technologies and equipment, knowledge and experience in their development and use," the Federation Council’s press service quoted the senator as saying. "All other problems we should be solving at our own expense,"

For example, the senator continued, attracting of foreign investments may be unreasonable in development of the Northern Sea Route. "For example, it is not reasonable to give to foreigners the national Arctic route - the Northern Sea Route, especially in navigation escort, monitoring of the bottom in our inner seas, or in production of precious and rare minerals," he said.

However, cooperation with international counterparts in the Arctic, he added, continues.

"As an example - Gazprom recently has invited a Chinese biggest oil and gas company, working on the shelf, to participate in development of oil deposits on the Russian shelf," he said. "Gazprom Neft is working in the Arctic and plans attracting Japanese companies as investors."

"We know perfectly well, that oil prices are not high at the moment and the work in the Arctic is not top profitable, but Gazprom and Gazprom Neft are establishing now already cooperation with foreign counterparts for future, as the process may take years," the senator said.

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