Moscow–PAO NOVATEK (“NOVATEK” and/or the “Company”) and NLMK Group signed a Memorandum on Cooperation (“MOU”) to cooperate in areas to reduce greenhouse gas emissions.
According to the MOU, the Parties intend to cooperate in carbon capture, utilization and storage solutions, hydrogen production technologies and the use of hydrogen as a clean-burning fuel, as well as develop new products to be used in low-carbon technologies.
“NLMK is one of the largest industrial consumers of our natural gas,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Expanding our joint activities with our customers and suppliers in reducing our carbon footprint is of strategic importance to us. We are undertaking further work to develop low-carbon technologies in Russia to reduce greenhouse gas emissions and contribute to achieving the global emission goals as outlined in the Paris Climate Agreement”.
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”.
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