COSCO SHIPPING, NOVATEK, Sovcomflot And Silk Road Fund Enters An Agreement Concerning Maritime Arctic Transport LLC

COSCO SHIPPING, NOVATEK, Sovcomflot And Silk Road Fund Enters An Agreement Concerning Maritime Arctic Transport LLC

On June 7, COSCO SHIPPING, PAO NOVATEK, PAO Sovcomflot, and Silk Road Fund signed an Agreement in respect of the Maritime Arctic Transport LLC (“MArT”) in St. Petersburg, Russia in the presence of Russian Deputy Prime Minister Maxim Akimov. The agreement was signed by the Chairman of COSCO SHIPPING Capt. Xu Lirong, Executive Director and President of Silk Road Fund Mr. Wang Yanzhi, Chairman of the Board of PAO NOVATEK Mr. Leonid Mikhelson, and President and CEO of PAO Sovcomflot Mr. Sergey Frank on the behalf of each party.

For actively participating in the commercialized operation of the Northern Sea Route (NSR) the Chinese and Russian enterprises have signed this Agreement which will act as a major key step. This agreement will give new opportunities and impetus for the joint development and exploitation of NSR by enterprises from the two countries.

The agreement signed by the four parties aims to establish a long-term partnership which will provide the joint development. According to the agreement, all the four parties will be contributing in finance and implement year-round logistics arrangements for shipping from the Arctic zone of the Russian Federation to the Asia-Pacific region, as well as organizing transit cargo traffic along the NSR between Asia and Western Europe.

The parties have agreed that this move can help NSR in pushing forward towards development into an international commercial transport corridor between the Pacific and Atlantic basins. This agreement will help NSR which in turn will contribute in further optimizing the international trade corridors and will facilitate world connectivity and economic growth.

At this signing ceremony the Executive Vice President of COSCO SHIPPING Mr. Huang Xiaowen, executives from the Strategy & Corporate Management Division and Public Relations Division, as well as heads of COSCO SHIPPING Energy and COSCO SHIPPING Europe were also present.

Reference: coscocs.com

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