Dubai – Mubasher: DP World has signed an agreement with Russian Direct Investment Fund (RDIF), Rosatom, and Nornickel to launch a joint project to pursue the integrated development of the northern sea route (NSR).
The signed deal between the Emirati company and the Russian firms is not legally binding, according to Reuters.
Parties will investigate options for developing the NSR and create a joint venture to develop freight transit via the route.
“This is going to change the (economic) growth for Russia. Russia is creating the fastest route between the North Far East and Europe,” DP World’s CEO Sultan Ahmed bin Sulayem told Reuters.
Russia’s biggest private gas producer Novatek is using the NSR to ship its liquefied natural gas (LNG) to Europe and Asia.
“Ports are surrounded by other infrastructure which creates additional value, creates cargoes and high-value cargoes,” the international news agency reported, citing bin Sulayem as saying.
