Russia’s Northern Sea Route (NSR) through the Arctic will need RUB 735bn ($11.7bn) in investment.
This is according to state nuclear agency Rosatom, which said a third of this will come from the state and the rest from companies and banks, Reuters reported.
The agency, which operates icebreakers, has been selected by the Russian government to operate the NSR.
It agreed on joint development of the route with the Russian Direct Investment Fund, nickel producer Nornickel and Dubai ports group DP World.
Rosatom head Alexey Likhachyov said the state will provide RUB 274bn.
The rest will come from Russian agencies and producers Rosatom, Rosneft, Novatek, Gazpromneft, Gazprom, Nornickel and other future users of the route, plus bank loans.
“As soon as we create commercially attractive cargo shipment, people will be ready to invest in roads, railways, ports and terminals as this will become profitable,” Likhachyov said.
Cargo volumes could total 80m tonnes per year by 2024, but only if LNG, oil, coal, precious metals and other projects go ahead.
