12 Oct 2022 10:33
For immediate release
NOVATEK and Rosatom Sign MOU on Cooperation in Decarbonization
Moscow, 12 October 2022. Today, at the Russian Energy Week international forum, Leonid Mikhelson, Chairman of the Management Board of NOVATEK, and Alexey Likhachev, Director General of Rosatom, signed a Memorandum of Understanding (MOU) on cooperation in decarbonization.
The MOU envisages that NOVATEK Group entities, in particular, the Ust-Luga Gas Condensate Fractionation and Transshipment Complex, will purchase electricity generated at Rosatom's wind farms. Purchasing the green energy will help NOVATEK to reduce the carbon footprint of its products in accordance with international standards.
The parties intend to cooperate in the development of wind power generation in harsh conditions of the Arctic. According to the MOU, the parties will also explore opportunities of implementation of Rosatom's engineering solutions in the production of LNG, low-carbon hydrogen and ammonia as well as power generation and storage.
"We pay particular attention to reducing the carbon footprint of our products, whereby we make them more competitive and contribute to preventing the global climate change," noted Leonid Mikhelson, NOVATEK's Chairman of the Management Board. "NOVATEK and the Rosatom State Corporation share a long-standing and successful cooperation in creating new high-tech types of equipment for the LNG industry. Our experience of joint work lays the foundation for further development of cooperation in decarbonization, including the implementation of prospective projects in green energy and low-carbon products."
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PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.