Russia's Arctic Dreams Remain on Ice
Nov 6, 2019 | 10:30 GMT
(SERGEI FADEICHEV/TASS via Getty Images)
- Despite the Kremlin's encouragement, state-owned oil and gas enterprises are likely to remain hesitant to commit resources to the costly development of Arctic assets.
- Moscow will try to reduce the financial burden of building Arctic infrastructure, but its proclivity to offer incentives on a case-by-case basis will hamper rapid development.
- In the end, the output from the Arctic could fall short of government targets to ensure sustained oil production levels and overall economic growth.