Russia to spend $44 bn on Arctic projects
Moscow, April 6 (IANS/RIA Novosti) Russia intends to spend 1.3 trillion rubles (around $44 billion) on economic and social projects in the Arctic till 2020, a minister said.
Viktor Basargin, minister for regional development, told government daily Rossiiskaya Gazeta that the state budget is expected to provide 503 billion rubles (around $17 billion) to create new transportation corridors in the Arctic.
The fund will also help develop new hydrocarbon deposits and social infrastructure, improve living standards of the local population, maintain the environment and culture of indigenous people, he said.
Another 724 billion rubles ($24.5 billion) is planned to be taken from regional budgets, he said.
Businesses are expected to provide another 80 billion rubles ($2.7 billion).
Arctic territories, seen as the key to huge untapped natural resources, have increasingly been at the centre of mounting disputes between the US, Russia, Canada, Norway, and Denmark in recent years as rising temperatures lead to a reduction in sea ice, providing access to lucrative offshore oil and gas deposits.
Russia is planning to deploy a combined-arms force by 2020 to guard its political and economic interests in the Arctic.
Read More: Denmark | Norway | Canada | S.v.u. P.g .centre | G.s.t.centre | K.p.centre | Anelih | Anini | Kamlang Nagar | Kherem | Chowkham | Medo | Momong | Wakro | Wingko | Kumsai | Lathao | Manmao | Nampong | K.r.centre | Russi
Stars flock to Venice as 71st Film Festival kicks off
August 29, 2014 at 2:29 AM
Horror movie filmed in Paris catacombs opens in US
August 29, 2014 at 2:25 AM
Sudan, Ethiopia, Egypt meet to discuss Nile dam project
August 29, 2014 at 1:21 AM
Ceasefire violation in Kashmir post flag meeting appalls villagers
August 28, 2014 at 9:10 PM
Art exhibition in Kolkata promotes tribal style of painting
August 28, 2014 at 9:06 PM
Protesters seek dismissal of Railway Minister post rape allegation on son
August 28, 2014 at 9:04 PM