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| Russia’s natural resources twice those of US – oil giant’s CEO | |
| (about 4 hours later) | |
| The country’s Arctic region contains vast oil and gas reserves, Rosneft’s Igor Sechin has said | The country’s Arctic region contains vast oil and gas reserves, Rosneft’s Igor Sechin has said |
| The value of Russia’s natural wealth stands at $100 trillion, double that of the US, the head of Russian oil major Rosneft, Igor Sechin, said at an economic forum in the United Arab Emirates on Thursday. | The value of Russia’s natural wealth stands at $100 trillion, double that of the US, the head of Russian oil major Rosneft, Igor Sechin, said at an economic forum in the United Arab Emirates on Thursday. |
| Sechin described the Arctic as a “treasure trove of natural resources,” not just for Russia but also for the world. According to the Rosneft chief, more than 20% of the planet’s undiscovered oil and natural gas reserves are in the Arctic, while the Russian Arctic contains 80% of those reserves. | Sechin described the Arctic as a “treasure trove of natural resources,” not just for Russia but also for the world. According to the Rosneft chief, more than 20% of the planet’s undiscovered oil and natural gas reserves are in the Arctic, while the Russian Arctic contains 80% of those reserves. |
| “This imposes a huge responsibility on Russia,” Sechin told the Verona Eurasian Economic Forum in the city of Ras Al-Khaimah. | “This imposes a huge responsibility on Russia,” Sechin told the Verona Eurasian Economic Forum in the city of Ras Al-Khaimah. |
| “The Arctic should be completely free of conflicts and foreign interference, given the strategic importance of this region for the energy security of all Eurasia,” he added. | “The Arctic should be completely free of conflicts and foreign interference, given the strategic importance of this region for the energy security of all Eurasia,” he added. |
| Eight countries span into the Arctic, including Russia. The other seven nations – Canada, Denmark, Finland, Iceland, Norway, Sweden, and the US – are all NATO members. The eight countries form the so-called Arctic Council, a group that promotes regional cooperation and whose mandate explicitly excludes military security. | Eight countries span into the Arctic, including Russia. The other seven nations – Canada, Denmark, Finland, Iceland, Norway, Sweden, and the US – are all NATO members. The eight countries form the so-called Arctic Council, a group that promotes regional cooperation and whose mandate explicitly excludes military security. |
| Earlier this month, the Norwegian Defense Ministry announced plans to establish a new NATO Arctic and amphibious warfare center to train US, British, and Dutch marines. The announcement comes amid heightened tensions between the US-led military bloc and Russia over the Ukraine conflict. | Earlier this month, the Norwegian Defense Ministry announced plans to establish a new NATO Arctic and amphibious warfare center to train US, British, and Dutch marines. The announcement comes amid heightened tensions between the US-led military bloc and Russia over the Ukraine conflict. |
| The new hub will be created several hundred kilometers from the strategic Russian port of Murmansk, which is a key military and naval base, and is expected to become fully operational in 2026. | The new hub will be created several hundred kilometers from the strategic Russian port of Murmansk, which is a key military and naval base, and is expected to become fully operational in 2026. |
| Russian Foreign Minister Sergey Lavrov said in September that NATO nations appeared to be eyeing expansion into the Arctic. He vowed that Moscow would protect its interests in the region. | Russian Foreign Minister Sergey Lavrov said in September that NATO nations appeared to be eyeing expansion into the Arctic. He vowed that Moscow would protect its interests in the region. |