Denmark, Greenland and Faroe Islands presented on Tuesday the joint Arctic strategy for 2011-2020 of the Kingdom of Denmark, the Danish Foreign Ministry said in a statement. The document was signed by Danish Foreign Minister Lene Espersen, Prime Minister of the Faroe Government Kaj Leo Holm Johannesen and the Premier of Greenland, Kuupik Kleist. "The three parts of the Kingdom agree on the strategic priorities for the development of the Arctic towards 2020. We must ensure sustainable development in the Arctic with respect for nature and the environment. This must be done in close cooperation with our international partners," Espersen said. Russia, the United States, Canada, Denmark and Norway are seeking to assert jurisdiction over parts of the Arctic, which is believed to contain rich oil and gas deposits. The vast hydrocarbon deposits will become more accessible as rising global temperatures lead to a reduction in sea ice. "The strategy is needed at a time of major changes in the Arctic. Not least because of climate change and melting ice. We are facing big new challenges but also great new opportunities, and we want to strengthen our common engagement in the development in the Arctic," she added.