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Cosco to invest in three LNG carriers for Arctic LNG 2

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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