Putin orders further improvements to tax breaks, administrative preferences for Arctic investments

MURMANSK. March 27 (Interfax) - Russian authorities should improve the tools aimed at supporting Arctic investment projects, which involve tax concessions, administrative preferences and other measures, Russian President Vladimir Putin said during a plenary session at the International Arctic Forum on Thursday.

"I am drawing the attention of our colleagues in the government and regions: it is necessary not only to offer, but also to efficiently fine-tune the tools supporting Arctic business investment activities, including tax breaks, administrative preferences, infrastructural preparation of land plots, and so on," Putin said.

The task of authorities is to help create production facilities with a high added value, using the powerful resource base of Arctic regions while preserving their unique nature, he said. There is a potential there for companies in the area of oil and natural-gas processing, rare earth metals, and in industries related to machinery, production of sophisticated hardware and industrial equipment, he said.

"By way of example, I will mention the Center for the Construction of Large-Tonnage Marine Structures in Belokamenka [a Novatek project] which localizes liquefied natural gas technologies. It applies the most advanced developments of its own in this sphere," Putin said.