Russia is ready to invest in the development of energy and fuel resources in the country’s Far East and plans to export part of it, President Medvedev has announced while touring the region.

“An important trend is the development of the energy sector both for Russia’s needs and for export,” President Medvedev said at a meeting devoted to the social and economic development of the Magadan region on Wednesday.

Medvedev repeated that the government is going to allocate about 18 billion roubles for the development of the fuel and energy complex in the framework of the federal programme on economic and social development of the Far East and Lake Baikal area.

Over 5 billion roubles will be assigned for the construction of a hydro power plant and about 12 billion roubles – for the construction of overhead power lines.

Dmitry Medvedev believes most serious attention should be devoted to the Magadan oil and gas shelf.

“According to specialists’ reports, the oil and gas reserves of the Magadan shelf are big enough. Their development could become one of the factors promoting the development of the region,” Medvedev said.

He has also lashed out at gold-mining business representatives advising them not to “whine”.

The President stressed that another aim is to improve the transport infrastructure.

“It is necessary to begin modernising airfields, sea and river ports and increasing the volume of passenger and cargo traffic,” Medvedev said.

The Magadan region has vast resources of gold, silver and other precious metals.

But a rundown energy infrastructure and ailing transportation network is hindering the effective use of these minerals that could otherwise boost living standards in the region.

On Wednesday Dmitry Medvedev has also laid flowers at the Sorrow Mask monument In Magadan, commemorating the victims of political purges.

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