Risks and rewards in Arctic region

Maritime operations supporting the Arctic region?s oil, gas and mineral reserves are poised for vast growth but the potential for high returns is matched by a unique set of risks for a shipping sector still in its infancy.

Bankers, insurers and conservationists will be among those sounding a warning note when the third annual Arctic Shipping conference, in St Petersburg in April, explores the commercial opportunities against a backdrop of political, financial and technical challenges. Following its 2005 debut in Helsinki, the event returns to St Petersburg, which hosted 200 attendees last year, at a time when Russia is underlining its prime market position with new-found intent to take a controlling stake in projects based on its natural resources.

In a reflection of the Arctic?s growing significance, this year?s conference from April 17-19 has been expanded from two to three days and will be followed by a one-day seminar on oil spill and pollution response in cold climates.