Investment Projects - Arctic (Northern) Basin

Arkhangelsk deepwater port project

On February 29 2012, the Coordinating Council of Financial & Banking Council of the CIS countries (CIS FBC) considered the project of a new deep-draft sea port in the area of Mudyug Island of the delta of the Northern Dvina River.

The Council backed the strategy to encourage Russian and foreign investment in the project, General Director of the project managing company Valery Grigoriev said at his meeting with Ernest Belokorovin, interim Industry, Transportation and Communications Minister of Arkhangelsk region.

The Council members expressed confidence that the new port area will help expand the transport scheme of sea ports of the CIS countries. ensure the development of maritime trade routes, including the Northern Sea Route. Pavel Nefidov, the FBC General Director believes that the mega-project might become kind of locomotive boosting economic and social development of the country’s Arctic region, CIS and the Arkhangelsk region.

The Government of the Arkhangelsk region has received a letter with an offer to take part in the project implementation. The regional authorities will need to allocate the site for the future port construction. The Council also suggested that the regional government sign a cooperation agreement as well as establish the public-private partnership on the basis of "Management Company Deep-water area of Lomonosov of Arkhangelsk sea port." So, the construction start depends entirely on the authorities’ final decision, said Valery Grigoriev.

Ernest Belokorovin added that the deepwater port might considerably improve the status and investment attractiveness of the Arkhangelsk region, as one of the main participants of transport and logistics system of the Arctic zone of Russia. “The construction of the deep-draft port in Arkhangelsk is a project of national importance. This is confirmed by the project inclusion in the strategy of the Arctic development until 2020,” said Belokorovin.