Press Releases and Events
NOVATEK and Ministry of Economy, Trade and Industry of Japan Sign Memorandum of Cooperation
Vladivostok, 2 September 2021. As part of today’s Eastern Economic Forum, in the presence of the Minister of Energy of the Russian Federation Nikolai Shulginov and the Minister of Economy, Trade and Industry of Japan Hiroshi Kajiyama, PAO NOVATEK (“NOVATEK” and/or the “Company”) and the Ministry of Economy, Trade and Industry of Japan signed a Memorandum of Cooperation (the “Memorandum”) on ammonia, hydrogen and carbon capture, utilization and storage.
The Parties intend to mutually support projects in producing and marketing of ammonia and hydrogen, as well as implementing technologies for carbon capture and storage in Russia and Japan. In particular, the Memorandum provides for the exchange of information and research in these areas, as well as implementing pilot projects and providing state support for developing policies in the field of decarbonization, standards and requirements for low-carbon products.
“One of the most important elements of our strategy is to reduce our carbon footprint, which allows us to increase the competitiveness and market attractiveness of the Company's products in the context of the energy transition,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Memorandum expands inter-governmental support for our climate projects that is of great importance for the successful implementation of NOVATEK’s strategic plans to further increase LNG production while correspondingly reducing our carbon footprint. The Memorandum also contributes to strengthening the economic ties between Russia and Japan.”
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.