Dubai-based DP World is looking to run a number of ports that Russia plans to build along the northern sea route (NSR) in the Arctic to shorten shipping times on east to west trade routes.
The Russian Direct Investment Fund, ROSATOM, Norilsk Nickel and DP World have agreed to jointly implement a project for the integrated development of the NSR. These four organisations intend to create a strategic partnership in the form of a joint venture for the development of transit cargo traffic through the NSR. The operation will have a particular focus on the transportation of containers and bulk cargo.
They have also agreed to establish a joint working group to conduct analysis and prepare a detailed feasibility study for the project within the next six months. Subject to this work being satisfactorily completed, a next stage decision will be made on the further development of the project, the main aim of which is to increase the volume of freight moving through the NSR and the Arctic zone of the Russian Federation.