Construction of the hi-tech Zhatai Shipyard is scheduled to begin in the Republic of Sakha in 2017. The news came from Igor Glushkov, director of the department of capital construction at the Republic of Sakha (Yakutia) Development Corporation, who was speaking at the second international conference, The Arctic: Shelf Projects and Sustainable Development of the Regions.

"We are now at the phase of document drafting and expert review, and the hope is to start building this year," Glushkov said.

About 40 percent of the vessels in the Lena Coal Basin are worn out, which prompted the Industry and Trade Ministry to approve the construction of the Zhatai Shipyard. The corporation plans to commission 325 vessels by 2036. The current objective is to decide on the type of vessels required.

"Only four months of navigation plus temperatures of minus 50 degrees and lower are negative factors, but we still think that the Zhatai Shipyard project is worth carrying out," Glushkov said.

He couldn't say exactly how much money it will cost to build, explaining that "investors are not lined up to get involved, because they can't figure out what can be done there, if anything." 

The second international conference, The Arctic: Shelf Projects and Sustainable Development of the Regions, is being held on February 16-17.

The conference is devoted to key issues related to the social and economic development of the Arctic regions and the Far East, Arctic Shelf exploration, the legal framework for shelf projects and global practice in geological exploration and drilling in Arctic conditions. Priority discussion topics include the region's environmental safety, energy and the housing and utilities sector of the polar region, the development of telecommunications infrastructure in the Arctic, transport and logistics support for Arctic projects, creating a favorable investment climate and promoting international cooperation.