rss icon Subscribe
desktop mobile

Novatek Plans New Arctic Transport Company

Photo: PAO Novatek

Aiswarya Lakshmi

Russia's gas production and sales company PAO Novatek has created a transportation unit called Maritime Arctic Transport.

"The Board of Directors of PAO Novatek resolved on creating a transportation subsidiary called Maritime Arctic Transport LLC to manage and optimize transportation costs, build up the unique competencies of Arctic navigation and ensure centralized management of the Arctic fleet," said a press release from company.
Novatek's Chairman of the Management Board Leonid Mikhelson noted: "Novatek's long-term development strategy envisages a significant growth in LNG production from the Company's vast hydrocarbon resource base located on the Yamal and Gydan peninsulas in the Arctic zone of more than 55 million tons per annum by 2030. Therefore, establishing an efficient Northern Sea Route shipping model is one of our key priorities to realize our long-term strategy."
Leonid added: "Creating our own shipping company fully supports this goal and will optimize transport cost and ensure a well-balanced, centralized management structure to improve the competitiveness of Novatek's Arctic projects".
Novatek is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
The Company's upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 16% of the world's gas production.

May 20, 2018

 

Arctic Operations

Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland / Equinor)

Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused

Aker Arctic Tests Autonomous Ship Model

(Photo: Aker Arctic)

A Finnish engineering firm known for its ice-going vessel expertise says it is studying another

Accelerating Antarctic Thaw Speeds Sea Level Rise

Crevasses near the grounding line of Pine Island Glacier, Antarctica. (Credits: University of Washington/I. Joughin)

An accelerating thaw of Antarctica has pushed up world sea levels by almost a centimeter since the

Energy

LNG to Benefit Philippines, Says ADB Energy Expert

Philippine President Rodrigo Duterte. Photo: PNA

The Philippines stands to benefit from introducing liquefied natural gas (LNG) to support power

SEA\LNG Welcomes First Shipborkers in the Coalition

Photo: SEA\LNG

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of

East Libyan Forces Advance to Retake Oil Ports

© Essider Terminal / MarineTraffic.com

East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras

Maritime Apps