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China COSCO Shipping inks deal with Russian firm to set up JV for Arctic shipping

June 11, 2019


Abstract : China COSCO Shipping inked a deal with the Silk Road Fund, Russian natural gas producer Novatek, and Russian maritime shipping company Sovcomflot last Friday in Saint Petersburg to establish a joint venture under the name of Maritime Arctic Transport LLC.

BEIJING, June 6 (Xinhua) -- China COSCO Shipping Corporation Limited (China COSCO Shipping) inked a deal with the Silk Road Fund Co., Ltd., Russian natural gas producer Novatek, and Russian maritime shipping company Sovcomflot last Friday in Saint Petersburg to establish a joint venture under the name of Maritime Arctic Transport LLC (MArT).

The four parties will establish a long-term partnership providing joint development, financing and year-round logistic arrangements for cargo shipping from the Arctic zone of the Russian Federation to the Asia Pacific region, as well as organizing cargo transit traffic along the Northern Sea Route between Asia and Western Eu......

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