PAO NOVATEK and the Japanese Ministry of Economy, Trade and Industry signed a Memorandum of Cooperation on ammonia, hydrogen, and carbon capture, usage, and storage during the Eastern Economic Forum.
The Parties aim to cooperate on ammonia and hydrogen production and marketing projects, as well as on carbon capture and storage technologies in Russia and Japan. The Memorandum, in particular, provides for information sharing and research in these areas, as well as the implementation of pilot projects and state support for formulating policies on decarbonization, as well as standards and requirements for low-carbon products.
“One of the most important elements of our strategy is to reduce our carbon footprint, which allows us to increase the competitiveness and market attractiveness of the Company’s products in the context of the energy transition,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Memorandum expands inter-governmental support for our climate projects that is of great importance for the successful implementation of NOVATEK’s strategic plans to further increase LNG production while correspondingly reducing our carbon footprint. The Memorandum also contributes to strengthening the economic ties between Russia and Japan.”