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Novatek creates Maritime Arctic Transport company

Novatek resolved on creating a transportation subsidiary called Maritime Arctic Transport.

Novatek creates Maritime Arctic Transport company Novatek creates Maritime Arctic Transport company


Moscow, May 21 - Neftegaz.RU. The Board of Directors of Novatek on May 18 resolved on creating a transportation subsidiary called Maritime Arctic Transport to manage and optimize transportation costs, build up the unique competencies of Arctic navigation and ensure centralized management of the Arctic fleet.

 

Novatek’s CEO Leonid Mikhelson noted: «NOVATEK’s long-term development strategy envisages a significant growth in LNG production from the company’s vast hydrocarbon resource base located on the Yamal and Gydan peninsulas in the Arctic zone of more than 55 million tons per annum by 2030.»

 

Novatek is the majority shareholder in Yamal LNG, the 2nd company to export LNG from Russia as of late 2017 and soon to be the largest as it brings 2 more trains on stream, the 3rd 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.

 

«Therefore, 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», Mikhelson  added.

 

To read the full story in Russian.

 

Source : Neftegaz.RU