NOVATEK and JBIC sign Strategic Cooperation Agreement
Vladivostok, 2 September 2021. As part of today’s Eastern Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and the Japan Bank for International Cooperation (JBIC) signed a Strategic Cooperation Agreement (“Agreement”) on low-carbon projects.
The Parties intend to cooperate on projects to produce hydrogen and ammonia, carbon capture, utilization, and storage technologies, as well as renewable energy projects in Russia, including ammonia and hydrogen production projects in the Yamal Peninsula.
“We are actively studying options to further reduce our current low carbon footprint from NOVATEK’s LNG production by using renewable energy sources, carbon capture and storage and hydrogen-based fuels at our LNG projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “This Strategic Cooperation Agreement provides opportunities for us to work with Japanese companies and financial institutions on developing our low-carbon solutions, attracting investments and expanding the range of suppliers of state-of-the-art equipment and technologies. Moreover, it facilitates opportunities for us to market our clean fuel products to a wider range of consumers from Japan to reduce the total carbon emissions.”
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.