Economy
Russia to pump 23.8 billion rubles into equipment and technology for Arctic mineral exploration
© RIA Novosti. Alexander Astafyev

Russia to pump 23.8 billion rubles into equipment and technology for Arctic mineral exploration

The Russian Government will set aside 23.8 billion rubles for a sub-program to create oil-and-gas equipment and technology as well as industrial machinery for mineral exploration and development in the Arctic, according to a resolution published on the Government's website, TASS reported.

The sub-program is due to be implemented in 2021-2025 as part of the state program for the socio-economic development of the Arctic zone. It aims to create competitive systems and equipment for the exploration, mining and processing of minerals in Arctic conditions (including on the continental shelf), expand markets for innovative products capable of effectively solving the problem of economic and energy security, and make Russia technologically independent.

The sub-program envisages the construction of test grounds for new oil-and-gas and industrial equipment, a review of standards for domestic extraction equipment to match international requirements, and a set of measures to support domestic manufacturers of technological systems and equipment for the development of mineral resources in the Russian sector of the Arctic.

As a result, Russia will receive new types of innovative products and infrastructure, establish the production of competitive high-tech products for geological exploration, mining and processing of minerals in its Arctic zone, and introduce new industrial standards.

"The use of national standards and the uniformity of measurements in oil-and-gas and mining machine-building will add 1-2 percent to the gross domestic product annually," the document says. The sub-program is expected to boost sales of unique Russian technical and technological systems, oil-and-gas equipment and industrial machinery on domestic and foreign markets, significantly narrow the technological gap between Russian products and foreign analogues, reduce the exodus of high-skilled research and engineering staff and engage young specialists and scientists more actively.