40 billion RUB for shelf exploration
Russia will spend about 40 billion RUB on exploration works at the country’s ocean shelf by year 2020, Minister of Natural Resources Yuri Trutnev said. In 2009, shelf exploration dropped following the financial crisis.
Commenting on the more than nine trillion RUB, which the Natural Resources Ministry believes is necessary to invest shelf development in the period, the minister said this money will have to be “collected from all over the world”, Oilru.com reports. Russia in 2008 spent a total of 1.2 billion RUB on shelf exploration. In 2009, the sum dropped significantly following the financial crisis. At the same time, the federal government says it intends to cut red tape on mineral exploration. It also plans to establish a state service for mapping and exploration of new mineral resources. The Rosgeologia authority will unite more than 170 companies operating in the sector and help boost mineral reserves.
