Nord Star officially listed as first resident of RF Arctic Zone
Having signed an agreement with the Far East Development Corporation, Nord Star, the initiator of “Vitino: seaport and oil tank farm” project, has become the first company listed as the resident of the Arctic Zone of the Russian Federation, says press center of the Murmansk Region Government.
According to Denis Martynov, General Director of Nord Star LLC, investments under the project will make about RUB 3 billion. The facility is to be put into operation as scheduled – in the first quarter of 2022.
Another investor approved as the Arctic Zone resident, the initiator of Liinahamari Port project, will sign the agreement within several days.
Investments under the two projects are estimated at about RUB 15 billion.
It should be noted that the document foresees both privileges for the company and its obligations.
“Certain sanctions are foreseen for nonfulfillment of obligations. Therefore, the companies are careful. In the nearest time, investors will begin working with plots of land and, if necessary, with connection to energy infrastructure. From the moment of investments into any capital facilities our tax service treats them as residents and they are automatically provided with privileges”, says Olga Kuznetsova, Deputy Governor of the Murmansk Region.
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