Rosatom has formed a joint venture with Dubai’s DP World to develop container shipping through the Arctic, as part of the Russian Federation’s ambitious plans for a Northern Sea Route.
s Reuters reports, the joint venture, International Container Logistics, was registered on Oct. 20, with authorised share capital of 960 million roubles ($10.3 million). It will be 51% owned by a unit of Rosatom, the designated infrastructure operator of the Northern Sea Route, and 49% by the Russian unit of DP World.
The Northern Sea Route, a shipping lane in Russia, has emerged as a strategic maritime transport opportunity due to rising global temperatures diminishing ice and increasing international interest in the Arctic.
The route runs from Murmansk in the Barents Sea to the Bering Strait and Far East, within Russia’s exclusive economic zone.
To remind, in late September, Gazprom shipped its first consignment of LNG to China through Russia’s Arctic waters, duplicating the delivery route used by Russian natural gas producer Novatek.