Russian and Chinese firms form hydrocarbon shipping joint venture

Russia’s Novatek and Sovcomflot have entered into an agreement with China’s COSCO Shipping Corporation and Silk Road Fund wherein the parties will jointly develop, finance, and implement year-round logistics arrangements for shipping hydrocarbons from Russia’s Arctic zone to the entire Asia-Pacific region.

The joint venture seeks to turn the Northern Sea Route along the Russian Arctic coast into a transportation corridor between the Pacific and Atlantic Oceans.

The establishment of the joint venture is in line with Russia’s goal of an increase of 80 million tonnes in annual cargo traffic in the Northern Sea Route by 2024, Novatek chairman Leonid Mikhelson confirmed.

Baird Maritime

Baird Maritime is one of the world's premier maritime publishing houses with headquarters in Melbourne, Australia and a publishing subsidiary in Hong Kong. The group produces two monthly magazines, Ausmarine and Work Boat World and a number of annual publications all focusing on various aspects of the commercial, government and military marine industries. It also presents this maritime portal.