8 August 2011, 16:57

The Arctic development

The Arctic development
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Yulia Shishova, chief editor of Sea News agency in Saint Petersburg: When we speak about the Arctic development we mean first and foremost oil and gas field exploration. The major oil and gas project in the region, the Shtokman field, is the most well-heard and well-known.

Yulia Shishova, chief editor of Sea News agency in Saint Petersburg:

When we speak about the Arctic development we mean first and foremost oil and gas field exploration.

The major oil and gas project in the region, the Shtokman field, is the most well-heard and well-known. These oil and gas fields mean not only additional resources that are needed both here in Russian, and in Europe, and elsewhere in the world.

This will mean additional cargo such as equipment for exploring and developing these fields, extracting and transporting oil and gas.

This is also additional export and import flows, this is trade opportunities, industry developments and jobs both in Russia and elsewhere in the world.

And there is another important aspect of the Arctic development – it is the so-called Northern Sea way which is actually the shortest sea-bond route between the South-East Asia and Europe.

At present there is not a lot of cargo transported this way, but both Russian and foreign shipping companies are studying this route and trying to use it more actively.

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