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Friday, July 15, 2011

Novatek Tanker Sets Sail on Northern Sea Route

- Novatek Tanker Sets Sail on Northern Sea Route

Friday, July 15, 2011
OAO Novatek

Novatek has announced the inaugural voyage of a high-tonnage Panamax class tanker, which has navigated a new route north of the New Siberian Islands. On June 29, 2011, the tanker Perseverance set sail from the Russian port of Murmansk carrying a cargo of 60 thousand tons of Novatek's stable gas condensate destined for consumers in China. Icebreaking support for this voyage was provided by Russia's Atomflot, a government-owned shipping entity, and the tanker is now on course to its final destination.

Novatek is the first company to utilize the Northern Sea Route in the 2011 summer navigational period. Between June and October 2011, the Company plans to ship six or seven cargoes of stable gas condensate, produced by the Purovsky Gas Condensate Processing Plant, to markets in the Asian-Pacific region via the Northern Sea Route.

Transporting hydrocarbons through the Northern Sea Route is expected to reduce the costs and delivery time for shipments from Russia's northern ports to consumers in the Asian-Pacific region. The use of the Northern Sea Route provides new technical information and navigational experience for hydrocarbon transportation under Arctic conditions and is an integral part of Novatek's logistical strategy to develop prospective fields in the Yamal peninsula.

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