Three export terminals on Russia’s Arctic coast shipped an average of 230,000 barrels of crude in the second quarter of 2016. This figure is almost equal to Libya’s total daily exports, according to Bloomberg calculations , and it is also a twofold increase from the initial 130,000 bpd handled by Lukoil’s Varandey, and Gazprom Neft’s Prirazlomnoye and Arctic Gate. Plans for the future are ambitious – Arctic oil and gas exploration is a clear priority for the Kremlin. A couple of weeks ago, Russia’s Natural Resources Minister Sergey Donskoy wrote on his Facebook page that “the Arctic shelf, despite some project delays related to oil prices, remains a strategic direction for development.” He added the government has introduced tax relief for companies involved in Arctic exploration and development as a way of stimulating these activities. Earlier this month, Deputy Prime Minister Dmitriy Rogozin announced the government […]