Economy
The Northern Sea Route, a path through the ice
© Yaroslav Nikitin

Experts to draft Northern Sea Route’s financial and economic development model

The Ministry for the Development of the Russian Far East has requested a financial and economic development model for the Northern Sea Route from the government's Analytical Center.

"We'll assess the ability of companies involved in global freight transits to deliver their goods via the Arctic Ocean's seas, in terms of revenues and the new service's deadlines and costs. We'll also assess prospects for the development of our own freight infrastructure. Currently, the Northern Sea Route is servicing several major mineral-extraction projects, and each additional project will considerably expand the freight turnover and therefore reduce specific operating expenses," Svetlana Ganeyeva, deputy chief of the Analytical Center, told Gudok newspaper.

She noted that the planned financial and economic development model would envisage the Northern Sea Route as a competitive global transport corridor, including for container traffic.

"The fleet is an important aspect, including freighters, operational icebreakers and those which have to be built in order to handle future shipping. The results of independent surveys will make it possible to draft organizational, financial, economic and competitive models for the development and operation of the Northern Sea Route in the short-term and mid-term, with due consideration for national socioeconomic development tasks," Ganeyeva added.