The Russian Ministry of Energy suggests creating a system of Arctic project incentives, Minister of Energy Alexander Novak told journalists.

"In reality, we support the creation of a system of incentives for the development of the Arctic and various mineral deposits requiring an expanded infrastructure. On the one hand, we need a comprehensive approach for the creation of an integral system. On the other hand, the conditions vary greatly, and this system of incentives should account for the specifics of mineral deposits, geological conditions as well as transport infrastructure availability," Novak explained, while replying to a question as to whether the Ministry of Energy supported a bill on Arctic project incentives, drafted by the Ministry for the Development of Russia's Far East.

"Regarding specific incentives, this, of course, calls for meticulous substantiation and feasibility studies plus a financial model. This job is underway, and corporate proposals have already been submitted. Federal government agencies are currently studying these proposals, and we will discuss them accordingly," Novak pointed out.

Replying to a question about possible privileges and breaks for projects on the Caspian Sea shelf, Novak said this matter was not yet on the agenda.