Far Eastern Natural Resources LLC, an affiliate of the Indian energy group Tata Power, will develop the Krutogorovskoye coal deposit in Kamchatka.
The company is now a resident of the Kamchatka priority development zone; it signed an agreement on the implementation of an investment project to develop the coal deposit together with the Far East Development Corporation. The agreement was signed on the sidelines of the Eastern Economic Forum.
The development of the deposit will last about four years; investments in the project will reach $0.6 bln and will be provided by the Indian party. Some RUR 0.4 bln ($6 mio) will be allocated for the first stage of geological prospecting.
Experts note that Russia is currently producing more coal that its economy requires; over 150 mio tons of coal are exported, and this surplus is what attracting foreign investors.