The Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) resolved on creating a transportation subsidiary called Maritime Arctic Transport LLC to manage and optimize transportation costs, build up the unique competencies of Arctic navigation and ensure centralized management of the Arctic fleet.
NOVATEK’s Chairman of the Management Board 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.
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”.
Press Release: novatek.ru
Source: Maritime Shipping News