China COSCO, Russian Majors Ink Arctic Shipping Deal

LNG carrier Vladimir RusanovIllustration. Image Courtesy: MOL

Russian shipping major Sovcomflot, along with compatriot gas producer Novatek and Silk Road Fund have signed an agreement with China COSCO Shipping related to transportation of hydrocarbons from Russia’s Arctic zone.

Under the deal, signed on June 7 in respect of the Maritime Arctic Transport LLC (MArT), the parties would establish a long-term partnership providing for the joint development, financing and implementing year-round logistics arrangements for cargo shipping from the Arctic zone of the Russian Federation to the Asia-Pacific region

The companies would also organize transit cargo traffic along the Northern Sea Route between Asia and Western Europe.

“The Agreement represents an important milestone in developing the transportation of LNG produced by our Arctic projects along the Northern Sea Route,” Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, said.

“The development of MArT will facilitate the rapid transformation of the Northern Sea Route into a global and commercially effective transportation corridor between the Pacific and Atlantic basins, as well as in the implementation of the decision made by the leadership of the Russian Federation to increase Northern Sea Route annual cargo traffic to 80 million tons in 2024”.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >