A host of Chinese state-backed companies are keen to invest in a new port project called Belkomur near Archangel as Beijing’s Arctic transportation intentions become ever clearer.
A delegation from Arkhangel has visited the Chinese capital earlier this month and received backing for a new railway that will take raw materials to a new port 55 km north of the city of Arkhangel.
China’s Exim Bank has committed to provide loans for the project while Cosco has said it would like to come onboard as well as Chimbusco, a state-run Chinese bunker company.
China has been eyeing the Arctic as a quicker way to get goods to Europe for a number of years, sending icebreakers on exploratory missions in the past few northern summers, while Chinese state-run port companies have been linked with buying port facilities in Iceland too. Meanwhile, to the east of Archangel, China has been pivotal in helping fund the huge Yamal LNG project.