YAKUTSK, May 17. /TASS/. The Yanolovo Company, a resident of the Russian Federation’s Arctic Zone, plans to double over three years its investments in an oil production project in Yakutia, the Corporation for the Development of the Far East and the Arctic said on Tuesday.

"The Yanolovo Company plans to double within coming three years investments in the project to develop tin production in Yakutia’s Ust-Yana District. Since 2020, the company has been a resident of the Russian Federation’s Arctic Zone. According to an agreement with the unified development institution - the Corporation for the Development of the Far East and the Arctic - the initially announced investments were about 317 million rubles ($4.8 million). The company planned to offer 74 jobs," the Corporation said.

The project’s development is associated with the current high prices due to the increased demand. Under such conditions, the company completed successfully the previous financial year and has decided to increase investments in the project, the release reads.

"The enterprise’s investment portfolio will be increased to 628 million rubles ($9.5 million). The funds will be used to buy new processing equipment to satisfy the current high demand. The staff will grow, too - more than 173 people will have jobs. The tax payments to the budget will also grow to make 2.8 billion rubles ($42.2 million)," the Corporation quoted Yanolovo Managing Company’s Deputy Director Alexander Larionov as saying.

In 2021, the Yanolovo Company sent more than 300 tonnes of concentrate to the Novosibirsk Tin Plant. The handling from the river transport to ground transport was at the Nizhny Bestyakh cargo terminal, which is a part of the Yakutia advance-development territory. "Currently, the extracted raw material is sold only on the domestic market. This year, the company will consider selling tin to China and Malaysia without attracting Western intermediaries," the Corporation added.

According to the Corporation for the Development of the Far East and the Arctic, it has agreements on investment activities in the Russian Federation’s Arctic Zone with 417 companies and businesses. The total amount of investments in the projects will make 530 billion rubles ($8 billion), about 17,400 jobs will be offered. In Yakutia, 12 projects with announced investments of 3 billion rubles ($45.3 million) will offer more than 600 jobs. The companies work in various sectors - from scientific studies to complex energy efficiency technologies.