Blog:. Big-dollar deals tempt Arctic firms
Permanently anchored in the ice-free Kola Bay, the Belokamenka lies safely sheltered from the harsh Barents Sea.
Less than three years after the old supertanker was converted into a mammoth floating trans-shipment oil terminal, it has become a powerful symbol of Russia's oil and gas adventure.
Soaring oil prices have helped transform Russia from an economic basket case into one of the richest and, yet again, one of the most powerful nations in the world.
And given that Russia's arctic north is said to contain up to a quarter of the world's oil and gas reserves, Belokamenka's journey through the choppy energy markets is only just beginning.
In August, about 500,000 tonnes of crude was exported on behalf of state-owned Rosneft and its private rival Lukoil, up from 340,000 tonnes in July and 220,000 tonnes in June.
"Murmansk is not far from Europe and the US, so I think our exports of oil and gas will go up year after year," says Belokamenka's general director, Vadim Ovchinnikov.



