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Russian Major Energy Provider to Spend up to $136 Bln on Arctic Oil Exploration

By Yana Berman

Russian major energy company Rosneft is reportedly seeking to invest up to $136 billion in oil exploration in the Arctic region, local business media Vedomosti wrote on Sunday, July 14, citing its sources.

According to the official documents obtained by the newspaper, Rosneft CEO Igor Sechin sent a letter to Russian President Vladimir Putin. The businessman claimed he was prepared to invest 5-8.5 trillion rubles ($79.87-135.79 bln) in the petroleum development in the polar region.

However, Sechin required significant tax benefits for the company. The figures listed in the letter climb up to 2.6 trillion rubles ($41.53 bln).

As per Russian major news agency TASS, Kremlin recognized the authenticity of the letter. However, Presidential Spokesman Dmitry Peskov refused to comment on the matter. 

As of press time, Rosneft’s shares were trading sideways around 419 roubles ($6.7), while the stock saw moderate growth in July. 

Earlier in July, the Arctic Institute expressed its concerns about Chinese expansion in the Arctic, as the country’s new icebreaker Xue Long 2 was reportedly ready to investigate the region.

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