21 Apr 2020 11:03

Far East Development Corp authorized to work in Russia's Arctic zone

VLADIVOSTOK. April 21 (Interfax) - The Ministry for the Development of the Russian Far East and Arctic has authorized Far East Development Corporation (FEDC) to work in the Arctic zone of Russia.

The corresponding resolution is posted on the government's official website of legal information.

According to the document, FEDC has been instructed to oversee the territories of the advanced special economic zone (ASEZ) created in Russia's Arctic area. Specifically, FEDC is to manage the Capital of the Arctic ASEZ that will be located on the lands of the city of Murmansk, Kola and Pechenga districts of the Murmansk Region.

"Five companies already intend to obtain the status of residents of the Capital of the Arctic ASEZ. Investments in their projects are estimated at 139.1 billion rubles, and 15,000 jobs are planned to be created. Among the potential residents is Novatek Murmansk LLC, which expects to create a center in order to construct large-capacity marine structures in Belokamenka. The Lavna seaport company plans to commission a coal terminal on the western shore of the Kola Bay. Liinakhamari Port LLC, a subsidiary of MMC Norilsk Nickel , has drafted a project for a tourism cluster in the Pechenga District," FEDC General Director Aslan Kanukoev said as quoted by the corporation's press service.