DP World wants to operate ports along Russia’s northern sea route - Reuters
DP World, one of the world’s largest port operators, wants to run ports that Russia plans to build along the northern sea route in the Arctic to shorten shipping times between the east and west, its chief executive told Reuters.
Russian President Vladimir Putin has made developing the northern sea route (NSR) - which requires new ports and heavy icebreakers to move goods - one of his priorities, with supporters dubbing the route the northern Suez Canal.
Dubai government-controlled DP World operates 78 marine and inland terminals, supported by more than 50 related businesses in over 40 countries.
The firm agreed this week with the Russian Direct Investment Fund (RDIF), Russian state nuclear firm Rosatom and Nornickel, one of the world’s top nickel and palladium producers, a joint project to pursue the integrated development of the NSR.
The deal is not legally binding and the parties will first study options for developing the route and may set up a joint venture later to develop freight transit via the NSR.
Bin Sulayem said it was to early to talk of possible stakes in potential future joint ventures. “The (Russian) government will decide which land to give us and we will prepare the projects, we will attract the customers, we will work with industries how to attract, to produce something that we know.”
“We are at early stages (to talk about any stakes), we will need to sit with the partners and see, but we will always abide by rules which are laid (by Russia).”