Novatek: Arctic project equipment manufacturers need government support
© RIA Novosti. Evgeny Biyatov

Novatek: Arctic project equipment manufacturers need government support

Novatek pushes for adoption of a government program to support the manufacture of equipment needed to carry out hydrocarbon extraction in the Arctic, Novatek CEO and co-owner Leonid Mikhelson said, RIA Novosti reported.

"We suggest considering system-based and long-term support measures for Russian companies involved in the development and production of the equipment for these projects. We think it's necessary to adopt a program of government support of these manufacturers. Benefits have been provided already as part of priority development area projects, but companies with the necessary expertise are all across Russia," Mikhelson said at the final meeting of the Energy Ministry's Board.  

Mikhelson added that efforts to develop the Arctic and polar regions could lead to a technological breakthrough in a number of areas of Russia's industrial sector. "We can see that many Russian plants can be involved in this work. Localization of equipment production technology is a major objective for reducing project costs," Mikhelson pointed out.