DP World &Rosatom Sign Agreement for Northern Transit Corridor
DP World and Rosatom will work together to develop the Northern Transit Corridor as a viable and sustainable route between Asia and Europe. Under the terms of the agreement DP World and Rosatom will establish a joint venture which will invest in, build and operate transport and logistics capacity along the Northern Transit Corridor. The Northern route cuts up to 19 days from the journey time between South East Asia and North West Europe. One third of the world's trade flows between the two continents and saving shipping time will significantly reduce CO2 emissions. Critically the width and draft of vessels are not an issue along the Northern Transit Corridor. The alternative new route is not congested, shorter, more efficient and faster.
A record 33 million tons was carried along the Northern Transit Corridor in 2020, with President Vladimir Putin targeting 80 million tons by 2024. To open the route to sustainable commerce, a comprehensive development program will be performed, including the development of ports and transport links along Russia's north coast to sustain economic activity.