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As part of today’s Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Nikolay Shulginov, PAO NOVATEK (“NOVATEK” and/or the “Company”) and a subsidiary of TotalEnergies SE (“TotalEnergies”) signed a Memorandum of Understanding (“MOU”) on decarbonization, hydrogen and renewables.
The Parties intend to cooperate on reducing greenhouse gas emission at joint projects by implementing carbon capture and storage technologies and utilizing 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.
Specifically, technical solutions will be considered to improve the efficiency of power generation for LNG production, including using waste heat utilization technologies. The MOU also envisages developing and deploying technologies to convert gas turbine equipment to hydrogen fuel. 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.
“With our long-term partner TotalEnergies, we are implementing technical solutions to reduce our carbon footprint on our Yamal LNG and Arctic LNG 2 projects and increase the competitiveness of our LNG products,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Our long-term goal is to provide the global markets with affordable, secure and low-carbon natural gas, and the cooperation with TotalEnergies and our partners is one way for us to contribute to the decarbonization of the global energy industry.”
