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Investment in Kola backbone zone to stand at $8.8 bln, governor says

April 27, 14:09 UTC+3 MURMANSK

The Kola Backbone Zone is a pilot project where the areal approach to the Arctic development will be tested under the federal law

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MURMANSK, April 27. /TASS/. The sum of investments in the Kola backbone zone will total some 500 bln rubles ($8.8 bln), Marina Kovtun, the governor of the Murmansk region, said on Thursday.

"The Kola backbone zone comprises more than 30 interconnected investment projects with a total volume of 500 bln rubles in investments," Kovtun said, addressing local lawmakers.

The Kola Backbone Zone is a pilot project where the areal approach to the Arctic development will be tested under the federal law "On the development of the Arctic zone of the Russian Federation."

The Kola Backbone Zone envisages the implementation of more than 30 major investment projects. The largest projects are the development of Murmansk seaport, Novatek’s project of the construction center of large-capacity offshore structures and construction of a Rosneft coastal base to support Arctic projects.

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