The Murmansk Shipping Company (MSCO) plans to build a bunkering terminal for year-round supplies of fuel oil to tankers in Russia.
The forecast capacity is 93,000 tonnes a year.
The project should be implemented within two years starting in early 2010.
The company has run all-year transport operations along the Northern Sea Route for around 60 years.
MSCO has recently acquired five large bulk carriers with capacities from 42,000 to 48,000 tonnes.