Moscow, 1 February 2021. PAO NOVATEK (“NOVATEK” and/or the “Company”) and Nuovo Pignone (Italy), part of the Baker Hughes Company, signed a Cooperation Agreement aimed at reducing carbon dioxide (CO2) emissions.
According to the MOU, the parties intend to cooperate in developing electrical and gas turbine solutions for natural gas and LNG production, as well as solutions for reducing CO2 emissions. As part of the Agreement, the Parties will commence implementing a project to convert gas turbines to hydrogen-based fuel gas mix.
“Baker Hughes is one of the main equipment suppliers to our Yamal LNG and Arctic LNG 2 projects,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “We are expanding our cooperation with them to develop efficient and economically viable solutions to mitigate the impact of climate change on our projects – one of the essential topics for NOVATEK and the entire oil and gas industry. Hydrogen technologies have great prospects to reduce the level of global greenhouse gas emissions, and further work is required to develop and adapt these technologies for operations in Arctic climatic conditions”.
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”.