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Daewoo to build two LNG tankers for Russian energy giant Novatek

Daewoo to build two LNG tankers for Russian energy giant Novatek
South Korea’s shipyard Daewoo Shipbuilding & Marine Engineering (DSME) has received an order from Russian gas producer Novatek for the construction of two LNG tankers to operate in Kamchatka and Murmansk.

According to DSME, the two carriers with a capacity of 380,000 cubic meters of LNG (liquefied natural gas) each are expected to be built before the end of 2022. The value of the order is 901.3 billion won ($748 million), the shipbuilder said, adding that an option for two more vessels is included in the contract.

The vessels, which will be deployed in Russia’s Murmansk and Kamchatka, will play the role of intermediate stations. Their installation will allow for LNG to be transported much faster to Europe and Asia, and will significantly reduce the cost of cargo servicing.

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“With the conclusion of this contract, our company was able to once again prove to the market our advanced technologies in the field of LNG. Due to the consequences of the coronavirus, some major projects were postponed, so this order will help the company gain stability,” DSME said.

Novatek plans to build a 20 million ton LNG transshipment and storage complex in Murmansk Region in order to optimize logistics and transportation costs. It is also aiming to organize a LNG transshipment point in Kamchatka with a volume of 20 million tons per year. Both terminals are scheduled to be launched around 2022.

For more stories on economy & finance visit RT's business section

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