Saturday, July 24, 2021
HomeOil & GasNOVATEK signs MoU with NLMK Group to reduce greenhouse gas emissions

NOVATEK signs MoU with NLMK Group to reduce greenhouse gas emissions

Largest independent natural gas producer in Russia NOVATEK signed a Memorandum of Understanding (MoU) with one of the four largest steel companies in the country NLMK Group, to cooperate in areas to reduce greenhouse gas emissions.

According to the MOU, the Parties intend to cooperate in carbon capture, utilisation 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.”

NLMK Group has achieved a significant reduction in CO2 emissions and is among the global industry leaders in terms of emissions per tonne of steel. Over the last five years, NLMK Group has reduced its CO2 emissions per tonne of steel by 3 per cent amid growing production and aims to further reduce them by another 3.5 per cent by 2023.

When it comes to Novatek, the Company’s strategy considers the increasing role of Liquified Natural Gas (LNG) as fundamental in decarbonising the global energy mix. The present level of the company’s greenhouse gas emissions per barrel of production is already among the lowest globally. Moreover, last October, NOVATEK became the signatory company to the Methane Guiding Principles initiative, a voluntary, international multi-stakeholder partnership between industry and non-industry organisations with the goal to continually reduce methane emissions within business activities, increase transparency and implementation of regulations on methane emissions.

Sign up to our biweekly newsletter


    Most Popular