Russian gas company Novatek said on June 4 it had signed a memorandum of understanding (MoU) with state-owned lender Sberbank on obtaining green financing.
As part of Saint-Petersburg International Economic Forum, PAO Novatek and PJSC Sberbank signed a Memorandum of Understanding to mutually cooperate in the field of ESG.
The Parties confirm their intentions to secure green financing on projects relating to environmental protection and climate change mitigation, renewable energy development, production and transshipment of low-carbon or carbon-neutral products, as well as joint social initiatives.
“We have a long and successful track record of mutual cooperation with Sberbank and their participation in financing our LNG projects,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board.
“This new MOU takes our mutual cooperation to another level and accords us the additional opportunities to implement Novatek’s social and environmental initiatives, which represent one of the core elements of decarbonizing our hydrocarbon value chain and meeting the Company’s development strategy,” he added.
Novatek also signed a MoU with Sberbank and Gazprombank on financing for a gas chemicals plant on the Yamal Peninsula.
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.
The Company’s upstream activities 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.
Source Natural Gas World