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NOVATEK strengthens bilateral cooperation with Japan in the field of decarbonisation

Largest Russia’s independent natural gas producer, NOVATEK signed a Memorandum of Cooperation with Japan’s Ministry of Economy, Trade and Industry on ammonia, hydrogen and carbon capture, utilisation and storage.

The Parties intend to mutually support projects in producing and marketing 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 decarbonisation, 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,” said 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.”

Also, during the Eastern Economic Forum, the Company signed a Strategic Cooperation Agreement on low-carbon projects with the Japan Bank for International Cooperation (JBIC).

Photo: Dmitry Feoktistov/TASS Host Photo Agency

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