mo4ch:>Russia’s Arctic shipping route to attract over $11 billion in investments | Mo4ch News

Total investments into the development of Russia’s Northern Sea Route (NSR) will exceed 735 billion rubles (US$11.3 billion), according to the chief executive of Russian state nuclear energy corporation, Rosatom Aleksey Likhachev.“A federal project to develop an Arctic sea passage has been approved with potential financing expected to top 735 billion rubles by 2024,” he said in an interview with TASS news agency at the 5th International Arctic Forum in St. Petersburg.According to Likhachev, state budget funds will total 274 billion rubles ($4 billion), with the remaining investments of 460 billion rubles to be provided by Rosatom along with energy companies Novatek, Rosneft and some others.Also on rt.comSiemens to team up with Russian firm to make equipment for Arctic LNG 2 project in St. PetersburgThe executive added that the corporations involved in Arctic projects would invest in creating and developing port infrastructure and adjoined facilities, which are crucial for Russia’s lar…