Russia’s largest independent natural gas producer NOVATEK is taking further steps to the development of renewable energy. During the Saint-Petersburg International Economic, it signed a Memorandum of Understanding (MoU) with European energy company Fortum to purchase electricity produced by Fortum’s renewable power facilities in Russia.
Using green energy produced by wind farms owned by Fortum and its joint ventures at the Company’s LNG plant in Vysotsk will enable NOVATEK to offer its LNG customers a more sustainable product with a reduced Scope 2 carbon footprint (purchased electricity).
“Our LNG carbon intensity is already among the lowest globally and we are working on further reducing our emissions,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Purchasing green, renewable energy to power our facility represents one of the most promising mitigation solutions and our cooperation with Fortum, the largest investor in Russian renewable energy projects, will allow us to contribute to climate change mitigation and increase the competitiveness of our LNG in international markets.”
Secondly, it signed another MoU with TotalEnergies on decarbonisation, hydrogen and renewables. The Parties intend to cooperate on reducing greenhouse gas emission at joint projects by implementing carbon capture and storage technologies and utilising renewable energy sources at joint LNG projects. In addition, the MOU considers the production and usage of hydrogen as a low-carbon fuel, as well as the marketing of carbon-neutral products including LNG. Furthermore, the Parties also agreed to work on solutions for the construction of wind power generation facilities and other renewable energy sources to reduce the carbon footprint of LNG projects.