Russia needs to inject $500bn in Arctic offshore development, official says
Development of Russia’s Arctic offshore fields will require investments at about $ 500 billion by 2050, Prime reported quoting Russian Minister of Energy Alexander Novak.
"We do not divide the volume of foreign and Russian companies’ investments. We believe that the whole Arctic offshore development will require investments of up to $ 500 billion in period until 2050. This is a huge amount, and I can’t say for now what share of this will be ours and what foreign money. We encourage and create incentives to attract all investments," Novak said in an interview with the RT channel.