NOVATEK BoD Approved Environmental TargetsSource: RNS
FOR IMMEDIATE RELEASE
NOVATEK's Board of Directors Approved Environmental Targets for the Period up to 2030
Moscow, 25 August 2020. The Board of Directors (the "Board") of PAO NOVATEK ("NOVATEK" and/or the "Company") discussed the progress implementing the Company's Corporate Strategy and approved environmental targets for the period up to 2030, including atmospheric emissions reduction, associated petroleum gas utilization and waste disposal. The full list of the Company's environmental targets is available at http://www.novatek.ru/en/development/.
The Company's Strategy considers the increasing role of LNG in the future global energy mix by replacing other types of fossil fuels (coal, fuel oil and diesel), which reduces greenhouse gas and air pollutants emissions. The role of natural gas will be fundamental in decarbonizing the global energy mix, as a low‐carbon energy alternative to traditional fossil fuels in the energy transition, while managing the intermittency of the energy supply from renewables.
"NOVATEK fully subscribes to the tenets outlined in the Paris Climate Agreement, which was subsequently adopted by the Russian Federation in September 2019," noted NOVATEK's Deputy Chairman of the Management Board Mark Gyetvay. "The present level of our greenhouse gas emissions per barrel of production is already among the lowest globally due to the use of state-of-the-art technologies and a high share of natural gas in the Company's hydrocarbon production. We set ambitious targets that will contribute to the reduction of greenhouse gas emissions to meet global climate change initiatives, as well providing affordable, secure and sustainable, clean-burning natural gas to our customers for many decades".
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company's subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».