The United States and Russia can restore their relationship by working together in the Arctic region, stated the Russian President Vladimir Putin at the International Arctic Forum held in Arkhangelsk on March 30, 2017.
“We have excellent examples of cooperation in developing this region. This is a great prospect for Russia and the United States. For the whole world. I hope we will enter a two-way partnership and improve Russian-American relations for the benefit of our peoples and the entire world,” the Russian leader said.
President Putin noted that mutually-rewarding cooperation is possible in developing shipping routes through the Bering Straits and in protecting the polar bear population and the biodiversity of the Northern seas.
“[There are also] tremendous opportunities to develop hydrocarbon raw materials, as well as other minerals in the Arctic,” he added.
“Russia has many friends among U.S. businesses, welcome!” President Putin said.
The Russian head of state said that Russia is poised to become the largest producer of liquefied natural gas (LNG) if it keeps up its pace of Arctic development.
If the country keeps up the tempo, “Russia, without any doubt, not only can but will become the largest producer of liquefied natural gas in the world,” President Putin stated.
On the day of the Arctic Forum, the first tanker with LNG docked at the port of Sabetta on the Yamal Peninsula. The delivery occurred as part of a test run of the Yamal LNG project, which is about to be commissioned. The ship bears the name of Christophe de Margerie, a tribute to the late Total CEO that perished in 2014 during a plane crash in Moscow. “This is very symbolic, as it will consolidate our relations even on a spiritual level,” President Putin noted.
The Yamal LNG project calls for the construction of an LNG facility with an annual capacity of 16.5 million tons at a cost of about USD27 billion. The plant’s first phase will be launched this year.
Yamal LNG’s shareholders include Russia’s Novatek with 50.1 percent, as well as China’s CNPC and France’s Total with 20 percent each. The remaining 9.9-percent share belongs to the Chinese Silk Road Fund.
Author
Editor
Russian-American Business magazine offers reliable, in-depth information on business-es in Russia, featuring exclusive content and data resources. Looking at current market conditions from the standpoint of a business decision-maker, Russian-American Business magazine helps its readers stay current on important events and the inside workings of Russia’s economic and political system, open up new opportunities, as well as connect with the U.S.-Russia business world. The magazine explores the connections between Russian and American private and public sector entities in business, finance, logistics, science, and technology.
Leave a comment