The foreign ministers of Russia and Norway in the presence of President Dmitry Medvedev and Prime Minister Jens Stoltenberg signed in September the long-awaited Agreement on the Demarcation of Sea Boundaries in the Barents Sea and Arctic Ocean.
Specifically, the agreement stipulates the main principle of their interactions in these regions, namely, each deposit that sits across the demarcation line will be jointly mined as a single entity.
Such approach will help effectively remove possible future disagreements over the ownership of bioresources. “This agreement reflects the balance of interests in the fields of energy and other bioresources,” Medvedev said.
From his part, Stoltenberg called the agreement a landmark in both countries’ histories. “We are happy that we have at last been able to delineate our spheres of interests in these important regions.”
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