Cosco Shipping Energy Transportation has announced that it has approved a plan to invest in three LNG carriers for the Arctic LNG 2 project.
The company has allocated $923m for the construction of the vessels. Cosco will jointly operate the vessels with MOL.
A special purpose company jointly set up by Cosco and MOL has already signed shipbuilding contracts with South Korean yard DSME for the construction three 172,500 cu m LNG carriers.
The vessels are expected to transport LNG for the Arctic LNG 2 project upon delivery in 2023.
In 2019, China’s Cosco and Silk Road Fund entered into an agreement with Russian state-run shipping major Sovcomflot and energy firm Novatek to establish joint venture Maritime Arctic Transport to manage an icebreaking fleet of Arctic ice-class vessels to serve Yamal LNG, Arctic LNG 2 and other potential projects.