The Chinese company NewNew Shipping Line and the Far East and Arctic Development Corporation signed an agreement to create a logistics complex in the Chukotka Autonomous District.
The project involves the construction of a complex in Providence Bay for transshipment of cargo from Arctic-class vessels to conventional container ships to reduce the cost of transportation along the Northern Sea Route.
The total investment in the project is 5 billion rubles, and its concept is currently being developed.
“The development of the Northern Sea Route is a priority strategic direction that will allow for the intensification of international trade, taking into account the active development of polar deposits and the redirection of cargo from the western to the eastern direction (…) The project, initiated by the Chinese investor, will receive the necessary assistance from the Far East and Arctic Development Corporation,” deputy director of the corporation, said.
Alex Shishlo, Editor in Chief of the European Bureau,, Rough&Polished
