Arctic has enough reserves to supply Russia for centuries – Russian official — RT Business News

“The potential of the Arctic zone is big. Talking about offshore assets solely, these are 15 billion tons of oil and round 100 trillion cubic meters of fuel. That may suffice for many years, a whole lot of years if they’re required and it’s economically affordable,” Novak mentioned through the academic marathon ‘New Information’ earlier this week, as cited by TASS.

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These assets are too expensive to extract to date, however Novak says the federal government is optimistic and has already taken steps to develop the means for it.

“These are reasonably costly initiatives, which require provision, sure subsidies, together with on taxes, return on funding. The federal government has supplied such incentives for initiatives like that. Sure taxes have been slashed to zero for offshore initiatives,” Novak acknowledged, noting, nonetheless, that Russia will solely dip into its Arctic assets within the case that different areas fail to offer them.

On the Japanese Financial Discussion board that came about in Russia’s Vladivostok this week, Russian President Vladimir Putin mentioned that the nation bears a “enormous duty” to have a “prudent” angle towards pure assets of the Arctic.

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“For Russia, that is of great significance – the event of the area… The Arctic accounts for 18% of our territory and [its] reserves of uncooked supplies are obligatory not solely to our nation, however to the entire world,” the top of state mentioned on the plenary session of the EEF.

“On this sense, we’ve an enormous duty to deal with this wealth prudently and thoughtfully,” Putin burdened.

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