Press Releases and Events
NOVATEK and Severstal Sign MOU on Hydrogen and GHG Emission Reduction
Saint-Petersburg, 4 June 2021. As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO Severstal signed a Memorandum of Understanding (“MOU”) on cooperation in the field of alternative and hydrogen energy to reduce greenhouse gas emissions.
The MOU provides for the implementation of a joint pilot project to produce “blue” hydrogen from natural gas and by using technologies for carbon capture and storage.
The Parties intend to jointly develop technical requirements, standards and engineering solutions for the manufacturing and supply of hydrogen transport pipelines, turbines, hydrogen storage systems and hydrogen transport tanks.
Furthermore, the Parties also agreed to cooperate in the production and supply of hydrogen, development of technological solutions for the use of fuel types based on hydrogen and its carriers, specifically ammonia.
“Steel producers are one of the largest industrial consumers of natural gas, and reducing greenhouse gas emissions is a new prospective area for our mutually beneficial cooperation,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The use of carbon capture and storage technologies, as well as a hydrogen fuel blend will reduce our joint carbon footprint and increase the competitiveness of products manufactured by the Russian steel industry.”
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. The Company’s upstream activities 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. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.