NOVATEK’s Board of Directors Approves 2021 Sustainability Report
Moscow, 30 June 2022. The Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved the Sustainability Report 2021 (the “Report”) prepared in accordance with the leading international standards and verified by an independent auditor.
The Report provides a detailed account of NOVATEK’s role in the global energy transition as well as the progress on, and ways to achieve, the Company’s climatic and environmental goals. In the reporting year, NOVATEK established the Subcommittee on Climate and Alternative Energy, strengthening oversight at the Board of Directors level. Another important step was the introduction of internal carbon pricing used in making investment decisions.
The Report also showcases the best practices of Yamal LNG and Arctic LNG 2 in introducing the procedures for evaluating the impact on human rights and implementing plans to promote the sustainable development of indigenous peoples, as well as in biodiversity management in accordance with the most stringent international standards.
“We are confident that fulfilling our strategy to further expand the resource and production base while maintaining high efficiency and pursuing a responsible approach to business conduct will promote the development of communities that we form a part of as well as contribute to national and global sustainability goals,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Following the principles of openness and transparency, the Company has been regularly publishing its sustainability reports since 2004. We intend to continue adhering to the highest responsible business conduct standards, maintaining the high level of transparency for all stakeholders”.
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.