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Murmansk Region

Murmansk is seaport and city located on the extreme northwest part of Russia on the Kola Bay. Murmansk is just 12 kms far from the Barent Sea on the northern side and not very far away from Finland and Norway. Murmansk is an important fishing and shipping port.

The Economic Development Strategy of the Murmansk region has set the following targets for the region:

  1. Develop mining sector (0.5-1%) with concentration on quality output.
  2. Make the Kola electricity energy sufficient by 2015. Construct second nuclear power plant KAES-2.
  3. Development of new oil and gas fields. Construction of new pipe lines, start gas extraction at Shtokman field (estimated production of 60 billion cubic meters).
  4. 20% Increase in fish catch by year 2015 and increasing the fish processing capacity to five-fold.
  5. Construction of new icebreakers and large capacity tankers. Reconstruction and development of cargo ports of Murmansk region.

Major Sectors of Economy:

The Murmansk economy is dependant upon on extraction and industrial processing of natural resources mainly fish and minerals. Other leading sectors of the region are energy, non-ferrous metals, food, and chemicals.

The Murmansk region has a strong influence in the international trade. This fact is supported by high volume of foreign direct investments in the region. Besides the available data on industrial production by companies, foreign capital also exerts a strong influence.

Following are the contribution of different sectors towards the Murmansk economy.

  • Non-ferrous Metals- 32.6
  • Metal-Working and Machine Building - 3.9
  • Power Generation – 22.5
  • Mining and Chemical Industry - 10.9
  • Fishing and Food Processing - 17.1
  • Construction Materials - 1.0
  • Ferrous Metals - 9.9
  • Forestry, Pulp, and Paper Industry- 0.4
  • Other Industries - 0.3

Major Investments in Murmansk region:

Murmansk region is witnessing high activity due to realization of large-scale investment projects in the region. Many investment projects are linked to exploration and development of oil and gas fields in Arctic region. The investment projects also include plans to construct oil pipelines from western Siberia to Murmansk. One of the pipelines is planned across the strait of the White Sea that runs   until eastern part of Kola Peninsula.

Transport, communications, fuel and energy, mining are most appealing sectors that have great potential. 

Investment opportunities:

  • Construction of Kola Nuclear Power Plant-2.
  • Upgrading and reconstruction of Murmansk Commercial Seaport.
  • Upgrading and reconstruction of Pechenganickel Plant.
  • Building of oil and gas terminals in the Pechenga Bay and related infrastructure development projects.
  • Upgrading and reconstruction of Kandalaksha Aluminum Plant’s facilities.
  • Scrapping of nuclear submarines and ships.
  • Production of strontium and ferrite powders and magnets.

Tax exemptions and privileges for Foreign Investors:

The Government has issued tax credits for investment in the Murmansk region. The government also gives guarantees and preferential rights over the investment tax credit.

  1. Tax exemption on acquired or newly created property for an investment project.
  2. Tax exemption on profit earned from sale of services, products and works at the facilities that are created or acquired during implementation of project
  3. Tax exemption on profit derived from assets granted to investor for implementation of investment project.

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