Photo: Makovnev Afanasii/GeoPhoto.ru
Nornickel to Invest Billions into Development in Arctic
Nornickel, a major Russian-based metal producer, intends to invest considerable sums into social and economic development of the Russian Arctic under a 10-year investment program of more than USD 31 billion. The plans were announced by the company management at a panel session on the development of the polar city of Norilsk held by the upper chamber of the Russian Parliament on 20 December 2021.
Addressing environmental issues in the Russian Arctic is high on the list of priorities set by the program. Suffice it to say that, according to Nornickel, the company intends to decrease its Sulphur dioxide emissions twofold by 2023 and by as much as 90% by 2025.
Nornickel plans to spend more than USD 8 billion on major energy-related projects in the northern part of the Krasnoyarsk Region. Among such projects are the construction of four power units at two thermal power stations in Norilsk, the complete replacement of all turbines at the Kureyskaya Hydropower Plant, and building a gas pipeline. Apart from this, the company will build about 1,000 kilometers of power lines.
The corporation also intends to invest about USD 1.2 billion into a range of transport and logistics projects in the Arctic, including modernizing the Dudinka Sea Port and designing and building new LNG-powered icebreakers.
Nornickel also made public its decision to add some USD 2 billion to the renovation budget of the city of Norilsk previously approved by the Government. As stated by Vladimir Potanin, Nornickel’s President, “a decision has been made to allocate 150 billion rubles in addition to 120 billion rubles to finance the social and economic development of the city”.
Public-private partnership is an important factor fostering development in the Russian High North. A responsible attitude shown by big business operating in the Arctic towards social infrastructure helps considerably improve everyday life of people and contributes to the economic growth in the regions concerned.
Arctic Today is a column by PORA CEO Alexander Stotskiy analyzing major international, national and regional events and trends in the Arctic.
Addressing environmental issues in the Russian Arctic is high on the list of priorities set by the program. Suffice it to say that, according to Nornickel, the company intends to decrease its Sulphur dioxide emissions twofold by 2023 and by as much as 90% by 2025.
Nornickel plans to spend more than USD 8 billion on major energy-related projects in the northern part of the Krasnoyarsk Region. Among such projects are the construction of four power units at two thermal power stations in Norilsk, the complete replacement of all turbines at the Kureyskaya Hydropower Plant, and building a gas pipeline. Apart from this, the company will build about 1,000 kilometers of power lines.
The corporation also intends to invest about USD 1.2 billion into a range of transport and logistics projects in the Arctic, including modernizing the Dudinka Sea Port and designing and building new LNG-powered icebreakers.
Nornickel also made public its decision to add some USD 2 billion to the renovation budget of the city of Norilsk previously approved by the Government. As stated by Vladimir Potanin, Nornickel’s President, “a decision has been made to allocate 150 billion rubles in addition to 120 billion rubles to finance the social and economic development of the city”.
Public-private partnership is an important factor fostering development in the Russian High North. A responsible attitude shown by big business operating in the Arctic towards social infrastructure helps considerably improve everyday life of people and contributes to the economic growth in the regions concerned.
Arctic Today is a column by PORA CEO Alexander Stotskiy analyzing major international, national and regional events and trends in the Arctic.
21 December 2021
