[230419.EN.BIZ] Russia Expects Northern Sea Route Cargo to Rise 450pc in 6 Years

ROSATOM, the Russian atomic energy corporation that has taken over administration of the Northern Sea Route, says the Arctic waterway will see a 92.6 million tons of cargo shipped annually - up 450 per cent - within six years compared to last year's 20 million tons, reports Anchorage-based Arctic Today.

Included in the Rosatom plan is 41 million tons of liquefied natural gas from Novatek’s Yamal LNG Arctic LNG 2 that will provide 22 million tons. Also included is 17.5 million tons of oil, five million tons of which from the Vankor area, another five million from the Payakha field and 7.1 million from Novy Port.

Russian President Vladimir Putin's five-year plan included 80 million tons of shipments on the Northern Sea Route per year by 2024. Rosatom, however, believes it can do even better and intends to surpass President Putin's target by more than 12 million tons.

Also included in the updated plan from the nuclear power company is 41 million tons of liquefied natural gas from Novatek’s Yamal LNG and Arctic LNG 2. The latter will provide 22 million tons. Included is also 17.5 million tons of oil, five million of it from the Vankor area, another five million from the Payakha field and 7.1 million from Novy Port.

Coal will constitute a substantial part of the picture with a total of 23 million tons, 19 million from the Taybass basin in Taymyr Peninsula and four million from the Syradasayskoye field.

Also included is also eight million tons of goods to be delivered through the Northern Latitudinal Passage, the projected railway line that will be connected to Sabetta, the new sea port in Yamal. These goods will be produced other places in Russia, and then exported out through Arctic waters, Rosatom explained.

In addition comes the nickel ores shipped out of the area by company Nornickel, as well as the goods annually delivered to settlements located along the Russian Arctic coast, the so-called Severny Zavoz.

The list also includes one million tons of transit shipments along the route between Asia and Europe, but major uncertainties remain linked with these shipments.

Source : HKSG.