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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Putin opens Arctic to foreign energy firms AFP - Friday, September 25 Send IM Story Print MOSCOW (AFP) - – Prime Minister Vladimir Putin Thursday opened the door to foreign investment in Russia's gas-rich Yamal Peninsula, in an unusual meeting with a dozen bosses of global energy giants deep in the Arctic. Putin held a televised meeting with chief executives of companies including ExxonMobil, Royal Dutch Shell and ConocoPhillips in a region with some of the last untapped major energy reserves in the world. "We are ready for a wide partnership and this is why we invited you here to Salekhard," Putin said, referring to the main town at the foot of the Yamal Peninsula, some 2,000 kilometers (1,240 miles) northeast of Moscow. "We want you to feel yourselves to be part of our team and participants in this process," he added. Energy Minister Sergei Shmatko made it clear that Russia was interested in attracting "strategic foreign partners" to Yamal, a huge peninsula some 435 miles (700 kilometres) in length jutting into the Kara Sea. Potential partners would have to provide "innovative technologies" to assist in the extraction, production and marketing of gas from Yamal, the energy minister said. They would also have to use Russian facilities and workers as much as possible, Shmatko added. Western energy bosses at the meeting included the chief of France's Total, Christophe de Margerie, James Malva of US firm ConocoPhillips, and Wulf Bernotat, the chairman of Germany's E.ON, television pictures showed. "We want you to see that Russia is working openly and transparently," Putin told the executives. Russian state gas giant Gazprom and smaller independent gas producer Novatek hold the licenses for tapping Yamal's vast deposits. Russia had until now been reserved about the involvement of foreign firms there. Further details were not given over which projects the foreign firms could undertake, and there was no indication of whether they would be allowed concessions to exploit gas fields themselves. The region is characterized by a hostile environment of frozen mud with poor drainage, and drilling for gas there may require special expertise and equipment from abroad, analysts have said. Gazprom has already built a bridge -- the longest above the Arctic Circle -- over the Yuribei River floodplain as part of a major new railway to deliver workers and equipment to Yamal. The state-run gas giant has said that the region is of crucial strategic importance for Russia, as its resources will make up for declining reserves in the already well-exploited gas fields of western Siberia. Gazprom says the maximum annual gas production on Yamal is comparable to the volume of its current gas supplies to the domestic market, and would be double the volume of gas currently exported to clients outside the ex-Soviet Union. The company holds the license for the biggest field on the peninsula, the Bovanenkovskoye field. Production is expected to start in 2012. The Yamal Peninsula is part of the Yamal-Nenets region, which accounts for over 90 percent of Russia's natural gas production, 20 percent of the world's gas production and is the largest gas-producing region in the world. Russian natural resources minister Yuri Trutnev told the meeting that the Yamal Pensinsula could be producing 180 billion cubic metres of gas a year by 2200 and 250 billion by 2230. Other energy bosses in attendance were the heads of British-Dutch oil major Royal Dutch Shell, US giant ExxonMobil, Norway's StatoilHydro, Malaysia's Petronas and South Korea's Kogaz, the ITAR-TASS news agency reported. Russia hopes to make Yamal a major centre for liquified natural gas (LNG) production, which would allow the transportation of gas to new markets in Asia and elsewhere. Currently much of Russia's gas goes to Europe. Economic Development Minister Elvira Nabiullina said the region could catapult Russia to a 20 percent LNG global market share in the long run, along with Shtokman, another immense field in Russia Far North. 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