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NOVATEK Signs Memorandum on Climate with Sakhalin Region

Saint Petersburg, 16 June 2023. During the St. Petersburg International Economic Forum, Leonid Mikhelson, Chairman of the Management Board of PAO NOVATEK (“NOVATEK” and/or the “Company”), and Valery Limarenko, Governor of the Sakhalin Region, signed a Memorandum on Cooperation in Climate and Decarbonization (the “Memorandum”). 

The Sakhalin Region is the first in Russia to introduce greenhouse gas (GHG) emission quotas for regional enterprises, which will also be able to fulfil their obligations to offset their GHG emissions by using carbon units. The Memorandum envisages cooperation in the sales of carbon units generated by NOVATEK’s future climate projects in the existing Russian registry to the Sakhalin Region enterprises, thus facilitating the achievement of the region’s goals in curbing its GHG emissions. 

PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.