Interfax quoted Sergei Donskoi, Russian Minister of Natural Resources and Environment, as saying, on June 4, that private investment companies may be allowed to take part in the development of the Arctic shelf in the future.

"Private companies will be able to take part in these projects in the long run, when we're further along," he said.

"The door has not been shut. We're looking for the most efficient ways to develop the shelf," the minister noted.

He said participants in a recent meeting held by Deputy Prime Minister Alexander Khloponin discussed economic mechanisms to encourage both private and public companies to work in the shelf area.

"There were interesting proposals. We have been instructed to analyze them within a month," Mr Donskoi said. He was primarily referring to support for geological prospecting.

The minister believes that some basic decisions will be made this year because it will be difficult to continue working on the shelf without support, especially considering the external restrictions.