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NOVATEK and Sovcomflot sign HoA to create shipping JV

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LNG Industry,

PAO NOVATEK has announced that it has signed a heads of agreement (HoA) with PAO Sovcomflot to create a joint venture (JV) shipping company.

According to the statement, the HoA was signed at the Eastern Economic Forum in Vladivostok, Russia. NOVATEK claims that the parties intend to create a shipping company, with the potential involvement of other JV participants. The JV will focus on managing the construction and operations of Arctic ice-class LNG carriers in accordance with best industry practices and international standards, ensuring optimised transportation from NOVATEK’s future LNG projects in the Russian Arctic region, including the Arctic LNG 2 project.

Leonid Mikhelson, NOVATEK Chairman of the Management Board, said: “The efficient development of the Northern Sea Route as a viable, year-round navigational route requires consolidating experience in ice navigation, applying new technological solutions, and implementing the best international standards for navigational safety and training.

“An optimised model of transporting LNG from the Russian Arctic region via the Northern Sea Route to major global markets, including the Asia-Pacific region, will support the successful implementation of NOVATEK’s Arctic LNG projects as well as reaching the goal set by the Russian President to ensure an increase in annual cargo traffic along the Northern Sea Route to 80 million t in 2024.”

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