{"id":562832,"date":"2021-06-08T04:00:13","date_gmt":"2021-06-08T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/"},"modified":"2021-06-08T04:00:13","modified_gmt":"2021-06-08T04:00:13","slug":"the-suez-canal-could-face-competition-from-russia-in-three-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/","title":{"rendered":"The Suez Canal could face competition from Russia in three years"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Russia could be mainstreaming its Suez Canal-alternative shipping route in 2024.<\/strong> Russian energy firm Rosneft is looking to start shipping oil products from its planned megaproject, Vostok Oil, through the Northern Sea Route in three years\u2019 time, <a href=\"https:\/\/www.reuters.com\/business\/energy\/rosneft-begins-hunt-contractors-massive-vostok-oil-project-2021-06-07\/\">Reuters<\/a> reports. The energy project, which would have an average 6.2 bn tonnes of oil in resources, would <strong>challenge the Suez Canal by cutting travel distances between Europe and Asia<\/strong>. Vostok Oil is one of Russia's biggest oil projects, comparable in size with the exploration of West Siberia in the 1970s and the US Bakken oil region over the past decade.<\/p>\n<p><strong>Moscow has <\/strong><strong><a href=\"https:\/\/www.reuters.com\/article\/us-egypt-suezcanal-russia-arctic\/suez-canal-debacle-shows-value-of-northern-sea-route-russia-says-idUSKBN2BL0X0\">already tried to capitalize<\/a><\/strong><strong> on the Ever Given debacle<\/strong>, claiming that the six-day blockage in March demonstrated that the Northern Sea Route is more reliable and safe than Suez. Russia <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/23\/suez-canal-revenues-under-threat-as-russia-looks-to-step-up-arctic-shipping-route\/\">said previously<\/a> that it plans to make the route viable year-round (rather than only between July and October) by 2030, and that it could cover ins. for commercial shippers taking on risks of possible supply disruptions.<\/p>\n<p><strong>Russia isn\u2019t our only competitor:<\/strong> Israel and the UAE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a0c6f0c-5606-4356-bddb-7fd353cac8d2\">are in talks<\/a> to create a land bridge between the two countries to ship Emirati oil through Israel to Europe, bypassing the Suez Canal. Chairman of the Suez Canal Authority Osama Rabie has suggested that the project poses a national security risk to Egypt. Nearly 66% of oil sent from the GCC to western countries is shipped through the Suez Canal or the Sumed pipeline linking Alexandria to the Red Sea.<\/p>\n<p><strong>Are Arctic routes really competitors? <\/strong>The Northern Sea Route (NSR) and the Northwest <sup><\/sup>Passage both promise faster shipping times, but face a range of limitations compared to the Suez Canal. The largest ships that can run through the NSR \u2014 so-called Arcticmax ships \u2014 can carry less than a fifth of the 25k shipping containers that the biggest ships to transit the Suez Canal can carry. The weather can be very challenging, the challenges to navigation numerous, and there\u2019s a lot less infrastructure when things go wrong, from rescue infrastructure to recovery services. Check out <a href=\"https:\/\/globalriskinsights.com\/2018\/02\/risks-limits-northern-sea-route\/\">The drawbacks of Arctic shipping<\/a> in Global Risk Insights, <a href=\"https:\/\/www.maritime-executive.com\/editorials\/interview-challenges-and-opportunities-of-the-northern-sea-route#:~:text=As%20anticipated%2C%20the%20most%20challenging,severe%20hummocking%20and%20ice%20pressure.\">Challenges and [upsides] of the Northern Sea Route<\/a> in the Maritime Executive and this piece from 2015 in the <a href=\"https:\/\/link.springer.com\/article\/10.1007\/s12198-015-0158-6\">Journal of Transportation Security<\/a> as starting points.<\/p>\n<p><strong>Suez Canal revenues are an important source of hard currency for Egypt<\/strong>, bringing in USD 5.8 bn in FY2019-2020.<sup><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia could be mainstreaming its Suez Canal-alternative shipping route in 2024. Russian energy firm Rosneft is looking to start shipping oil products from its planned megaproject, Vostok Oil, through the Northern Sea Route in three years\u2019 time, Reuters reports. The energy project, which would have an average 6.2 bn tonnes of oil in resources, would [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":562833,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8996],"tags":[93,72,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-suez-canal","tag-energy","tag-enterpriseam","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"c77806f0-eff9-4d96-b1d9-113c1d81bd5e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/107.jpg","photo_position":"above","related_issue":[562820],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Suez Canal could face competition from Russia in three years - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Suez Canal could face competition from Russia in three years\" \/>\n<meta property=\"og:description\" content=\"Russia could be mainstreaming its Suez Canal-alternative shipping route in 2024. Russian energy firm Rosneft is looking to start shipping oil products from its planned megaproject, Vostok Oil, through the Northern Sea Route in three years\u2019 time, Reuters reports. The energy project, which would have an average 6.2 bn tonnes of oil in resources, would [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-08T04:00:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/107.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The Suez Canal could face competition from Russia in three years\",\"datePublished\":\"2021-06-08T04:00:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\"},\"wordCount\":402,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/107.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"Suez Canal\"],\"articleSection\":[\"Suez Canal\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/the-suez-canal-could-face-competition-from-russia-in-three-years\/\",\"name\":\"The Suez Canal could face competition from Russia in three years - 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The authority began implementing the decision earlier this month and the discounts will run\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559766,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/us-lng-carriers-%e2%9d%a4-suez-canal\/","url_meta":{"origin":562832,"position":1},"title":"US LNG carriers \u2764 Suez Canal","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Suez Canal beating out Cape as Panama alternative for US LNG shippers: The Suez Canal in recent weeks has been the preferred shipping route for US LNG carriers heading to East Asia and looking to avoid a highly congested Panama Canal, according to Argus Media. Shippers are finding that the\u2026","rel":"","context":"In &quot;SHIPPING&quot;","block_context":{"text":"SHIPPING","link":"https:\/\/enterpriseam.com\/egypt\/category\/shipping\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556483,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/","url_meta":{"origin":562832,"position":2},"title":"Suez Canal Authority to reduce discount for LNG carriers","author":"enterpriseam admin","date":"27 October 2021","format":false,"excerpt":"LNG carriers crossing the Suez Canal will only be getting a 15% cut to transit fees starting 1 November, down from 25% previously, according to a circular (pdf) the Suez Canal Authority released yesterday. The decision to effectively hike fees for LNG carriers comes amid the global shortage of natural\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575630,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/israel-uae-open-talks-over-new-oil-route-threatening-egypts-shipping-business\/","url_meta":{"origin":562832,"position":3},"title":"Israel, UAE open talks over new oil route, threatening Egypt\u2019s shipping business","author":"enterpriseam admin","date":"21 October 2020","format":false,"excerpt":"Israel, UAE make progress on oil route to Europe that could bypass Egypt\u2019s Suez Canal: An agreement signed this week by Israel\u2019s state-owned Europe Asia Pipeline Co (EAPC) and UAE-based Med-Red Land Bridge could see oil shipped from the Gulf to Europe bypass the Suez Canal. The binding MoU aims\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565181,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/the-great-suez-traffic-jam-continues\/","url_meta":{"origin":562832,"position":4},"title":"The great Suez traffic jam continues","author":"enterpriseam admin","date":"24 March 2021","format":false,"excerpt":"All eyes are on Egypt as a maritime traffic jam at the Suez Canal sees at least 100 vessels stranded in the Red Sea and the Mediterranean \u2014 raising global concerns that this might impact global shipping, supply chains, and oil prices. Authorities are racing against the clock to refloat\u2026","rel":"","context":"In &quot;SPEED ROUND: SUEZ CANAL&quot;","block_context":{"text":"SPEED ROUND: SUEZ CANAL","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542521,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/02\/israel-uaes-answer-to-the-suez-canal-just-got-blocked\/","url_meta":{"origin":562832,"position":5},"title":"Israel-UAE\u2019s answer to the Suez Canal just got blocked","author":"enterpriseam admin","date":"2 January 2022","format":false,"excerpt":"Suez Canal rival nixed by Israeli gov\u2019t: A proposed oil transport corridor between the UAE and Israel that could have undermined the Suez Canal\u2019s role as a major trade artery appears to have been spiked. Israeli environment minister Tamar Zandberg said last week that the agreement to use Israel as\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=562832"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562832\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562833"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562832"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562832"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}