PAO Novatek announced that it will create a transportation subsidiary called “Maritime Arctic Transport LLC.” The new company will manage and optimize transportation costs, build up the competencies of Arctic navigation and ensure the centralized management of the Arctic fleet.
Novatek’s Chairman of the Management Board Leonid Mikhelson noted:
Establishing an efficient Northern Sea Route shipping model is one of our key priorities to realize our long-term strategy. Creating our own shipping company fully supports this goal and will optimize transport cost and ensure a well-balanced, centralized management structure to improve the competitiveness of NOVATEK’s Arctic projects.
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The creation of the new company is part of Novatek’s plan to grow the LNG production from its hydrocarbon resource base located on the Yamal and Gydan peninsulas in the Arctic zone of more than 55 million tons per annum by 2030.
