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Rosneft and Japan’s METI to Develop Cooperation in Carbon Management
16 September 2021Rosneft Oil Company 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 within the framework of the Joint Coordinating Committee 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.
The parties have a successful experience of cooperation. During the 5th Eastern Economic Forum in Vladivostok in 2019, a memorandum was signed on the establishment of the Joint Coordination Committee to develop strategic cooperation in the energy sector and implement new joint projects. The first meeting of the Committee was held on 23 January 2020.
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. The Government of Japan, JAPEX, ITOCHU Corporation, Marubeni Corporation, INPEX CORPORATION are the shareholders of SODECO. Furthermore, Rosneft supplies crude oil and petroleum products to Japan annually.
Note for Editors:
Rosneft was the first company in Russia to present the comprehensive 2035 Carbon Management Plan featuring clear targets for reducing greenhouse gas emissions. The plan includes:
- Prevention of direct and indirect greenhouse gas emissions of 20 million tonnes CO2-equivalent.
- A 30% reduction in the intensity of direct and indirect emissions in oil and gas production.
- A methane emission rate below 0.25%.
- Zero routine flaring of associated gas.
The Company’s activities are highly praised by the global investment community that considers socially responsible investments a long-term trend. FTSE Russell, a division of the London Stock Exchange, has confirmed that Rosneft is a member of the FTSE4Good Index Series - in terms of its indicators, the Company is ahead of 90% of the participants in the international oil and gas industry rating of the Industry Classification Index (ICB supersector).
Rosneft is recognised as the leading Russian oil and gas producer in a number of international ESG ratings, including Refinitiv and Bloomberg. In April 2021, the international agency Sustainalytics twice improved the Company’s position in its rating. With a score of 33.9, Rosneft became the best among Russian oil and gas companies.
Rosneft Information Division
Tel.: + 7 (499) 517-88-97
September 16, 2021
These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.