Russia will not put the Arctic offshore development projects on ice due to the sanctions and the current difficult economic situation, the minister of Russia's Natural Resources and Ecology said Wednesday in St. Petersburg.
The Minister of Natural Resources and Ecology of Russia Sergey Donskoy told journalists at the 4th International Forum "The Arctic: Present and Future" in St. Petersburg that two state-owned giants Rosneft and Gazprom have been granted licenses for development of several blocks in the Arctic, and given the necessary incentives and now they are required to fulfill license obligations.
A member of the Board of Directors of Rosneft Artur Chilingarov has confirmed that the company has no plans to curtail its projects for development in the Arctic because of the sanctions.
"We will seek the resources, will continue to develop and study the Arctic. We are for international cooperation with those countries who want to work and be friends with Russia ", the IAA PortNews correspondent quoted Arthur Chilingarov as saying.
The effective sanctions against Russia prohibit the companies to take part in the deepwater offshore projects in Russia, to supply the appropriate equipment, technology and financing.