Natural gas producer NOVATEK and Russian steel giant LMK Group have signed a Memorandum of Cooperation in the field of mitigating adverse climate impacts. Cutting greenhouse gas emissions is the key focus of cooperation.
NLMK Group and NOVATEK plan to jointly test CO2 capture, use and storage technologies, to develop and improve hydrogen production technologies and transportation methods, as well as the use of hydrogen fuel to reduce GHG emissions.
NLMK and NOVATEK are also exploring the development of new products required to implement low carbon technologies.
NLMK Group claims it has achieved a significant reduction in CO2 emissions, and is among the global industry leaders in terms of emissions per tonne of steel. Over the last five years, NLMK Group has reduced its CO2 emissions per tonne of steel by 3%, from 2.04 tonne in 2015 to 1.98 tonne in 2019, amid growing production, and aims to further reduce them to 1.91 tonne, by another 3.5%, by 2023.
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. 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.