FESCO Transportation Group (“FESCO”) and DP WORLD Russia have agreed on strategic cooperation at implementation of joint projects aimed at development of Commercial Port of Vladivostok (“CPV”, part of the FESCO Group).
The corresponding agreement was signed within the framework of the Eastern Economic Forum (EEF) by Andrey Severilov, Chairman of the Board of Directors of FESCO and Sultan Ahmed Bin Sulayem, Chairman of the Board of Directors, CEO of DP World.
Priorities of cooperation will be the realization of transit potential of CPV and establishment of partnerships, including with the participation of third parties, aimed at increasing the value of business of FESCO and DP World. At stage one, the parties will create a working group to prepare proposals for effective development and utilization of capacities of Commercial Port of Vladivostok.
“DP World is one of the largest port operators in the world, cooperation with it will allow to integrate best practices of stevedoring asset management in CPV, which is especially important against the background of growing cargo traffic and the leading role of our port in transportations via the Far East of Russia. We expect that joint efforts will not only help develop the existing business, but will also contribute to implementation of strategic transport projects in which FESCO participates,” Andrey Severilov said.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World said: “DP World supports President Vladimir Putin's vision for the Northern Sea Route, which is one of the last great trading routes in the world to be developed. Opening up an alternative route to the Suez Canal between East and West will increase the resilience of world trade. It has great potential to develop economic activity and prosperity in Russia's far north. It must be done sustainably to protect the pristine waters of the Arctic.”
Earlier, within the framework of the Eastern Economic Forum FESCO and Atomenergoprom signed an agreement on establishment of an Eastern Transport and Logistics Hub on the territory of Commercial Port of Vladivostok as part of the project implemented by Rosatom State Corporation on organizing Eurasian transit of container cargo.