Russian natural gas company Novatek and maritime shipping company Sovcomflot have signed a deal that formally establishes a new joint venture during this week’s Eastern Economic Forum in Vladivostok.

The vessels will conform to Arc7 ice standards and will be built at the new Zvezda shipyard. They are to be delivered in the period 2023-2026.

Sovcomflot said it will be a completely new fleet of Arctic LNG tankers built in Russia and sailing under the Russian flag.

The vessels will serve the Arctic LNG 2, a major natural gas project currently under development by Novatek and its partners.

The new company will lead the technical development of the fleet, serve as its purchaser and keep control of the construction process. It will be the formal ship owner, operator and financing provider, Sovcomflot representatives said.

According to the company's leader Sergei Frank, a joint venture is the best possible way forward considering the complexity of the project.