In 2020, COSCO SHIPPING Energy Transportation's profits increased by more than 2.2 billion yuan, which will enable COSCO SHIPPING Energy to have sufficient capital and confidence to invest in Russia's Arctic LNG II project.
 
On January 25, COSCO announced that the board of directors approved the proposal for Shanghai LNG to participate in the investment of 3 ice-class ships in the Arctic LNG II transportation project, with a total investment of $923 million.
 
COSCO said the three ice-breaking LNG vessels involved in the investment will be used for the transportation of the Arctic LNG II project.
 
The three ice-breaking LNG vessels will be used to transport LNG from the loading dock on the Russian Arctic's Gydan Peninsula via the Northern Sea Route (NSR) to the Floating LNG Storage Unit (FSU), scheduled for delivery in 2023.
 
In terms of LNG transportation, by the end of 2020, a total of 38 LNG ships invested by COSCO have been put into operation, an increase of 3 over the same period last year, contributing to stable earnings.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.