Russia Has Visionary 1950 Plan - 210 Billion For More Oil, More Gas And Lots And Lots Of Plastic

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The Arctic is high on the Russian political agenda and government officials are grappling with the task how to reach 80 million tons of shipments on the Northern Sea Route by year 2024. The shipping route is among the priorities in President Vladimir Putin’s so-called May Decrees from 2018. It is the Ministry of the Far East and Arctic that has prepared the new laws. And they are designed to please the President.

According to the ministry, the major tax releases that are included in the new legislation will pave the way for a series of new big oil and gas projects in the region. The projects will ultimately provide for a spike in shipments on the Northern Sea Route, the ministry argues. Minister of the Far East and Arctic Aleksandr Kozlov says new projects now are likely to be developed both offshore and on land and that total investments could reach 14.7 trillion rubles (€210 billion).

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Also petrochemical projects in the region will be given big incentives. According to Kozlov, a new zero percentage mineral extraction tax will ultimately result in the development of three petrochemical projects in the region with investments totaling 2.9 trillion rubles (€41.6 billion).

It is natural gas company Gazprom that is likely to be driving force in the petrochemical projects. The state company is already planning the construction of a gigantic petrochemical plant in Bovenenkovo, the company hub in the Yamal Peninsula. It is to be able to produce about 3 million tons of plastics products polyethylene and polypropylene per year, company sources say.

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https://thebarentsobserver.com/en/arctic-industry-and-energy/2020/02/moscow-outlines-eu208-billion-plan-arctic-oil

[eppur_se_muova]

1. Wait, a 'five-year plan' ?

Everything old is new again.