Yamal-Nenets Autonomous Area to present Arctic Energy project at SPIEF
© RIA Novosti. ALeksandr Kondratyuk

Yamal-Nenets Autonomous Area to present Arctic Energy project at SPIEF

The Yamal-Nenets Autonomous Area will present its Arctic Energy project during the St. Petersburg International Economic Forum (SPIEF), TASS reported, citing the area's press service.

The project includes the construction of the Northern Latitude Railway that will connect Yamal with the Urals region and northwestern Russia and link Russia's transportation system with the Northern Sea Route through the Sabetta seaport. The railway would be 707 kilometers long. Separate agreements with Novatek and the Chelyabinsk Region are planned to be signed.

"Several framework agreements will be signed on the sidelines of the forum, including agreements on projects with Novatek and cooperation with the Chelyabinsk Region in a number of areas. Meetings with the heads of certain agencies are planned on possible investment in social projects in the Yamal-Nenets Autonomous Area," the Yamal-Nenets governor's press service said.

The objectives of the project include expanding port and transportation infrastructure and building a gas distribution system on the Yamal peninsula. The Northern Latitude Railway will provide access to the Arctic shelf and pave the way for development by connecting major hydrocarbon deposits in the north with the country's transportation arteries and thus ensuring the shortest possible year-round transit of mineral resources to markets in Europe, North America and APEC member countries.

SPIEF will take place in St. Petersburg on June 1-3. This year the forum's events will be held under the motto In Search of a New Balance in the Global Economy.