Russian nuclear agency Rosatom has announced that it has set up a joint venture with Dubai's DP World to develop container shipping through the Arctic. This is part of an initiative, heavily promoted by Russian president Putin. Putin has talked up prospects for the Arctic corridor, including in a speech at China's Belt and Road forum last week, as Russia shifts its trade eastwards in response to Western sanctions over the war in Ukraine.
The route, made viable by the melting of Arctic sea ice due to climate change, runs from Murmansk near Russia's border with Norway to the Bering Strait near Alaska.
The joint venture, International Container Logistics, was registered on Oct. 20, with authorised share capital of 960 million roubles ($10.3 million). It will be 51% owned by a unit of Rosatom, the designated infrastructure operator of the Northern Sea Route, and 49% by the Russian unit of DP World.
Source: reuters.com