The signed agreement defines parameters of the bilateral cooperation in industrial development of the region, educational and innovations programs support, in social and economical matters. Statoil intends to prepare small and middle business companies for oil projects participation, Interfax reported. This Norwegian company plans to open a center and initiate a network of suppliers for oil and gas industry in the region.

Statoil can financially support main Archangelsk Universities in education of future oil specialists and scientific researches implementation.