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Investment in Arctic backbone zone to make about $865 million

February 22, 2017, 17:28 UTC+3 KRASNOYARSK

Investments will be used for development of infrastructures in the northern Siberian city of Norilsk and in organization of oil, gas and coal producing centers

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KRASNOYARSK, February 22. /TASS/. Authorities of the Krasnoyarsk territory plan to attract 50 billion rubles (about $865 million) in development of the Arctic Taimyr-Turukhan backbone zone in the north, the regional government said in documents, obtained by TASS.

"Attracting of investments of 50 billion rubles, and as of early 2017 the amount of attracted investments is six billion rubles(about $103 million)," the document reads, adding the backbone zone project is to be implemented in 2017-2018.

Investments will be used for development of infrastructures in Norilsk and in organization of oil, gas and coal producing centers. As the project is implemented, the government said, the region will export annually up to three million tons of coal, as well as up to five million tons of oil and will offer additionally up to 4,000 jobs.

The federal law on development of the Arctic zone grants the status of state-governed special objects to the Russian Arctic territories. The Russian Arctic will have eight geographic backbone zones: Kola, Arkhangelsk, Nenets, Vorkuta, Yamal-Nenets, Taimyr-Turukhan, North-Yakutia and Chukotka.

The purpose for having the Arctic backbone zones is production of technical means and technologies, environmental monitoring, higher quality of life for indigenous low-number peoples, implementation of the information policy, and other priority tasks. The backbone zone’s approach will replace the earlier suggested industry-based division of the Arctic. Investors coming to these zones will enjoy tax, customs, and other benefits.

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