Natural resources
Russian Federal Fisheries Agency to analyze profit potential for Arctic fishing
© RIA Novosti. Igor Zarembo

Russian Federal Fisheries Agency to analyze profit potential for Arctic fishing

The Russian Federal Fisheries Agency will analyze the investment potential of extracting water bio resources in the Arctic, TASS reported, quoting the agency. The agency will draft a long-term research plan for this purpose.

Initially, fisheries research institutes are to expand a five-year program that will result in detailed information on the condition and diversity of bio resources and fishing prospects.

"It's essential to analyze the profitability of commercial fishing in Arctic waters and estimate the investment appeal," the agency's officials said.

Sea products are not extracted in the Arctic on a large scale, but global climate change and the development of technology for mining and processing mineral resources have opened opportunities for development in this area, the agency's officials explained. In drafting their long-term plan they will consult the Foreign Ministry, the Defense Ministry, the Transport Ministry and various agencies.

They noted that efficient and safe exploration of the Arctic is one of the government's priorities.