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NOVATEK’s Board of Directors Approves 2022 Sustainability Report

Moscow, 3 July 2023. On 30 June 2023, the Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved the 2022 Sustainability Report (the “Report”).

The Company was one of the first in Russia to start sustainability reporting since 2004, constantly improving its approaches and pioneering the best disclosure practices. Covering 24 material topics earlier approved by the Company's Board of Directors, the Report offers the highest number of topics disclosed in Russian companies’ reports for 2022. An external auditor assessed more than 100 indicators and provided limited assurance on compliance with international GRI and SASB standards. 

The central theme of the Report is “Focusing on What Really Matters”, i.e. the supply of affordable, reliable and cleaner-burning energy that supports the achievement of sustainable development goals. In 2022, NOVATEK’s total investments in various sustainability areas exceeded RUB 12 billion. 

Our LNG supplies helped our customers to avoid the emission of 21 million tons of CO2 equivalent in 2022 due to the transition from coal to gas-fired generation. In 2022, NOVATEK made significant progress in achieving its climate goals. The Company continued increasing its supply of LNG with record low greenhouse gas (GHG) emissions per ton of product delivered, being one of the global leaders in carbon efficiency. Despite the hydrocarbons production growth, the Company reduced its GHG emissions (both direct and indirect) in absolute terms. 

A standout success of last year was that our lost time injury frequency rate (LTIFR) went down by a significant 25% year-on-year, driven by improved performance in our occupational health management. The Company maintained favorable working conditions for its employees and stepped up social support to its personnel by 15% in the period of higher inflation rate. 

“We remain confident that our commitment to responsible business practices as well as to achieving the Company’s strategic goals will allow us to continue to successfully grow our business and make a tangible contribution to building a sustainable future,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

The Report is available on the NOVATEK website in the Sustainable Development section.

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.