Russia to spend RUB 40 bn for shelf exploration
Russia will spend about RUB 40 bn 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 RUB 9 tn, 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".
Russia in 2008 spent a total of RUB 1.2 bn 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.
