VTB predicts that cargo flow along the Northern Sea Route will amount to 400 million tons over 10 years
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Freight traffic along the Northern Sea Route could reach 400 million tons within ten years, VTB predicts (MOEX: VTBR). In 2023 it was 36 million tons, in 2024 it is expected to increase to 80 million tons.
About 200 million tons over ten years will be provided by the cargo flow of Russian enterprises, another 200 million tons will be provided by transit cargo transportation. Deputy President and Chairman of the Board of VTB Bank Valery Lukyanenko noted that 8% of the world’s oil and 20% of natural gas are being developed in the Arctic and Siberia.
The bank believes that enterprises emerging along the Northern Sea Route will bring more than 20 trillion rubles to the Russian budget. until 2035. By optimizing the costs of ice wiring, the Russian Federation could receive more than 1 trillion rubles. for transit along the Northern Sea Route by 2030. VTB noted that it is financing work to modernize and create a new icebreaker fleet for the development of the Northern Sea Route, including the construction of new nuclear icebreakers and a port fleet. In the summer of 2023, an agreement was signed with Atomflot on a loan for the construction of the third and fourth serial universal nuclear icebreakers of Project 22220. The possibility of financing the construction of the fifth and sixth icebreakers is being studied.
The Northern Sea Route (NSR) is the shortest sea route from Europe to Asia. The NSR routes lie in the waters of the Arctic seas and the southern part of the Arctic Ocean within the exclusive economic zone of Russia in the Arctic.
About Rosatom’s plans to expand the navigation window along the NSR – in the Kommersant publication “NOVATEK will take risks in the ice”.
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