MOSCOW, March 3. /TASS/. Russia must have an oil stock in the Arctic zone, President of the Russian Oil and Gas Producers Union Gennady Shmal said on Wednesday.

"Our opinion is it would be correct to organize a strategic oil stock," he said at the 7th international conference Arctic: Sustainable Development. "We have initiated it, and have <…> written about it to the Ministry of Energy."

He pointed to the importance of oil production forecasts and monitoring. Additionally, he said, new incentives are also necessary in the sector.

"This is specifically important for the key processes, which influence the following results: exploration drilling, production expenses, <…> production of necessary equipment," he added, stressing this way the sector will become less dependent on the import.

Arctic incentives are applicable to four businesses: offshore oil production, continental oil production, mining and other investment projects. The status of the Russian Arctic zone’s resident offers a few incentives, including in taxes. Presently any business, registered in the Arctic and ready to invest at least 1 million rubles ($8,000) in a new project, can become a resident.