The Russian Direct Investment Fund – an investment fund of Russia; ROSATOM – the infrastructure operator of the NSR; Norilsk Nickel – a production of palladium and high-quality nickel producer; and DP World – a global port operator, have agreed to jointly implement a project for the integrated development of the Northern Sea Route. The quadrilateral agreement of intent was signed on 6 June during the St. Petersburg International Economic Forum.
The agreement outlines a comprehensive piece of work which will study of the most effective commercial options for the use of the Northern Sea Route.
The parties intend to create a strategic partnership in the form of a joint venture for the development of transit cargo traffic through the NSR, in a bid to increase the volume of freight traffic through the NSR and the Arctic zone of Russia.
For the first stage, the parties will develop a strategy to increase the efficiency of the use of the NSR and to determine ways of developing transit traffic.
The focus will be on linear transportation of containers and other bulk cargo along the Northern Sea Route.
A separate important area of work will be to ensure industrial safety and environmental protection in the implementation of transportation along the Northern Sea Route.
The parties agreed to establish a joint working group to conduct an analysis and prepare a feasibility study for the project within six months.
Subject to this work being completed a next stage decision will be made on the further development of the project.
The document was signed by Dmitriyev Kirill Alexandrovich, Director General of the RDPI Management Company, Vladimir Potanin, President of Norilsk Nickel, Alexey Likhachev, Director General of Rosatom, and His Excellency Sultan Ahmed Bin Sulayem, Chairman and CEO of DP World (DPW).
