MOL determined to be among the pioneers along the Northern Sea Route

Japan’s largest shipping line, Mitsui OSK Lines, is taking further steps to be among the leading pioneers using the Northern Sea Route.

MOL has signed a Memorandum of Understanding with Russia’s Far East Investment and Export Agency to help develop the Northern Sea Route and the Russian Far East.

MOL has been participating in the Yamal LNG Project, which is the world’s first large scale energy project that exports cargoes through the Northern Sea Route, and MOL’s first ice-breaking LNG carrier for the project is slated to go into service at the end of March, following ice trials in Arctic waters. MOL has also been proceeding with a feasibility study aimed at establishing an LNG transhipment terminal and marketing complex in the Kamchatka area with PAO Novatek, the largest independent gas producer in Russia and the main shareholder of the Yamal LNG project.

The minister for the development of the Russian Far East Alexander Galushka commented on the MOU: “One of our key goals is to create a model for development of the Northern Sea Route as a global transit corridor between Europe and Asia. It is undoubted that this work helps to reinforce Russian-Japanese economic relations.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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