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Energy Minister proposes extending the TOR regime in the Arctic - EastRussia | Far East

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The head of the Ministry of Energy proposes to extend the TOR

The Russian Ministry of Energy proposes to extend the regime of the territories of advanced socio-economic development to the Arctic zone. About this in the author column for the magazine "Oil and gas vertical" said the head of the ministry Alexander Novak.

According to him, the ministry proposes to extend to the Arctic and support mechanisms used in the Far East and in the Baikal region. To this end, the Ministry of Energy is also working to improve the regulatory framework. A proposal is being considered to develop an integrated approach to amending legislation in order to establish special environmental management regimes and investment projects in the Arctic zone.

According to Alexander Novak, in the future Russia will be able to provide a significant part of the growing global demand for oil and gas, including at the expense of the Arctic zone. Its resource potential is over 35 billion tons of oil and 210 trillion cubic meters of gas.

The minister said that a portfolio of promising Arctic projects is being formed, which already included about 150 projects, including in the field of mining and processing of mineral resources, geological exploration, offshore projects, industry and energy. The total cost of the projects will be almost five trillion rubles, with the bulk of funding coming from extrabudgetary sources.