Rosneft and the Ministry of Economy, Trade and Industry of Japan (METI) have signed a Memorandum of Cooperation on carbon management.
The document is signed to continue the cooperation between the Company and METI and provides for the development of the parties’ interaction to implement lower-carbon projects with the participation of Rosneft and Japanese companies, as well as the exchange of experience and technological solutions in promising areas.
In particular, the parties plan to assess the new lower-carbon technologies potential aimed to reduce greenhouse gas emissions and to improve the energy efficiency of businesses, including drilling and oilfield services.
Rosneft and METI will consider the prospects of new projects involving the use of carbon capture, utilisation and storage, the turnover of compensatory carbon quotas and the development of advanced types of fuel, including hydrogen and ammonia.
Rosneft has been developing cooperation with Japan’s partners for many years.
The company is a Sakhalin-1 partner together with a pool of foreign companies, including Japan’s SODECO.
Rosneft has an experience of successful cooperation with its Japanese partners.
For instance, in 1996, the company attracted a pool of foreign companies, including SODECO, to the Sakhalin-1 project, the stakes at which are held by the Government of Japan, Japex, Itochu, Marubeni, Inpeх.
Furthermore, Rosneft supplies crude oil and petroleum products to Japan annually.