Novatek Sets Up Russian Arctic Shipping Co
Russian independent gas and condensates producer Novatek is creating a transportation subsidiary called Maritime Arctic Transport to manage and optimise transportation costs, build up the unique competencies of Arctic navigation and ensure centralised management of the Arctic fleet, it said May 18.
Novatek is the majority shareholder in Yamal LNG, the second company to export LNG from Russia as of late 2017 and soon to be the largest as it brings two more trains on stream, the third being ahead of schedule. The cargoes can go east towards China when the Arctic is navigable although the tankers are also able to cut through thick ice.
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CEO Leonid Mikhelson said the company's "long-term development strategy envisages a significant growth in LNG production from the company’s vast hydrocarbon resource base on the Yamal and Gydan peninsulas in the Arctic zone of more than 55mn metric tons/yr by 2030. Therefore, establishing an efficient Northern Sea Route shipping model is one of our key priorities to realise our long-term strategy. Creating our own shipping company fully supports this goal and will optimise transport cost and ensure a well-balanced, centralised management structure to improve the competitiveness of Novatek’s Arctic projects”.