Russia’s environmental ministry has proposed more than 100 oil and gas extraction, infrastructure and tourism projects in the Arctic valued at 10.5 trillion rubles ($164.2 billion), the RBC news website reported Thursday.

President Vladimir Putin has promised tax incentives and other benefits to encourage companies to develop the Arctic region and the Northern Sea shipping route, which Moscow sees as a bridge between Asia and Europe for its energy exports. Putin has said he expects cargo volumes along the route to increase tenfold to 80 million metric tons by 2025.