China’s NewNew Shipping Line might take part in the project to build a deep water area at the Arkhangelsk seaport, Arkhangelsk Region Governor Alexander Tsybulsky said at a meeting with President Vladimir Putin.

“Chinese company NewNew Shipping Line is showing interest in the project. They’re prepared to invest up to 200 billion rubles in this project for a 30% stake in the port. We are now working out the technical issues with them but, given your approval, we’re prepared to continue this work, sign a memorandum for now on the main areas that we’re prepared to use at this port,” Tsybulsky said.

It was reported earlier that the cost of building a deep water area at the port is estimated at 375 billion rubles. The project, which would take until 2032 to complete, would allow the part to accommodate cargo vessels with deadweight of up to 75,000 tonnes and draft of up to 14.5 meters. The region has sent an investment declaration on the project to the Federal Maritime and River Transport Agency.

The Russian government approved a comprehensive plan for the development of the Arkhangelsk transport hub to 2035 in the fall of 2023. A cabinet order said that the creation of the deep water area at the port and construction of a new terminal, with approximate capacity of 25 million tonnes per year by 2040, were the main projects of the plan. Dvina Bay on the White Sea was named as the location for the project.

Arkhangelsk Region, Sberbank and Eurosib Group signed an agreement at the 2024 St. Petersburg International Economic Forum to work together on the project to build the deep water terminal.

NewNew Shipping Line launched a new trade route called Arctic Express No. 1 that runs through the Northern Sea Rout in July 2024, connecting China’s main ports, Shanghai and Ningbo, with Arkhangelsk. Up to 20 ship calls from China are expected in 2025, two times more than in 2024.
Source: Interfax