ST. PETERSBURG, March 29. /TASS/. A new and only iodine water deposit in the Arkhangelsk Region will satisfy by 80% Russia's iodine demand in the next five years. Presently, the country exports iodine mainly from South America. The first drilling was made a few days earlier. Further plans are to develop pharmaceutical production, the region's Minister of Economic Development of Industry and Science Evgenia Shelyuk told TASS at the St. Petersburg Chamber of Commerce and Industry.

"We have a Russian Iodine Company, which begins the industrial development of the only iodine water deposit in Russia. Currently, Russia imports 100% of iodine mainly from South America, and this company, which will begin production and minimal processing, will satisfy within five years 80% of the Russian Federation's demand for iodine. Therefore, the company also plans to develop pharmaceutical production, based on iodine waters. This project is unique for us because it is the only iodine deposit," she said.

The Severodvinsk field is located near Arkhangelsk in the Primorsky District, she continued. The first drilling was carried out just a few days earlier. The plant is equipped and ready for work. The field's industrial development will begin very soon.

"The project is broken into three stages, the company has the status of the Arctic's business resident. It has announced about 20 million rubles ($216,000) at the initial stage, but it is planned that the entire project will be worth 100 million ($1.08 million), it will include iodine extraction and processing. Further on, this deposit will be used for export, too," the minister said.

The region has been paying great attention to the development of industrial potential, where ship repair is the most attractive area for investors, she continued. Private enterprises are contracted for two years ahead, and clearly there is a demand to expand the ship repair infrastructures, to build new docks and new facilities.

"We are happy to welcome new investors here, we have a ready investment proposal, land plots have been picked. A number of investors have expressed interest in the construction. The shipbuilding market has been growing, and Russian ship owners use repair services mainly at home. Demand exceeds supply. This project is preliminary estimated at about 2-3 billion rubles ($22 - 32 million)," she said in conclusion.