Russia to create four artificial islands in the Arctic

According to the decree signed by Prime Minister Dmitry Medvedev and published on Saturday, June 17 on the Russian government's website, four artificial islands will be created in the Kola Bay of the Barents Sea.  

A center will be built on these artificial islands for the manufacture of marine complexes for production, storage and shipment of liquefied natural gas, as well as repair and maintenance of marine equipment and equipment used to develop offshore oil and gas condensate fields.

Investments in the project are estimated at 25 billion rubles ($430 USD). The funds from Kola shipyard’s (a subsidiary of Novatek) budget will be used to finance the construction.

"The construction of the Center will create about 10,000 jobs at the shipyard itself, increase tax revenues for budgets of all levels, attract additional investments to the region (Murmansk region), and develop new high-tech industries," the government said.

Construction in the village of Belokamenka (in the Murmansk region) will be carried out within the framework of the "Arctic LNG-2" project to develop the Gydan fields. Construction of the shipyard may begin before the end of the year, with the first floating LNG plants being laid in 2018. The construction of the center for assembly of large-capacity offshore structures is planned for completion by 2020.