Our Arctic Neighbors: Eco insurance a possibility for Russian offshore projects - October 03, 2010

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2010

Vol. 15, No. 40

Week of October 03, 2010

Our Arctic Neighbors: Eco insurance a possibility for Russian offshore projects

Russia is considering an eco insurance program for shelf developments, the BarentsObserver reported in mid-September.

“It is absolutely clear that the accident in the Gulf of Mexico necessitates a number of measures,” Minister of Natural Resources Yuri Trutnev was quoted as saying in a RIA Novosti report.

He confirmed that his ministry is currently studying the possible introduction of a special insurance system for shelf operations that includes coverage for ecological risks.

Alternatives to insurance are bank guarantees or the creation of special liquidation funds, the BarentsObserver reported.

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