Russia’s Rosatom and Dubai’s DP World, one of the globe’s largest logistics companies, inked a deal to establish a joint venture to develop container shipping along the Northern Sea Route (NSR). DP World operates more than 80 container terminals in 40 countries accounting for 10 percent of global container shipping by volume.
Russia has looked to collaborate with the United Arab Emirates (UAE) on Arctic projects for several years.
Last year Novatek began working with UAE entity Green Energy Solutions to secure continued access to restricted technology following Western sanctions. The Emerati company has since been placed under sanctions by the United States.
The new joint venture is the latest example of Russia continuing to attract new partners to develop its Northern Sea Route into an international transport and logistics corridor. Earlier this month Indian and Russian officials discussed a potential partnership between the two countries to advance Arctic shipping.
Under the latest agreement Rosatom’s cargo subsidiary will own 51 percent of the new company, International Container Logistics, while DP World’s Russian division will hold the remaining 49 percent.
