Novatek, Russia’s second-largest natural gas producer, has signed a Memorandum of Cooperation with Japan to support projects producing ammonia and hydrogen as well as employing carbon capture, utilisation and storage technologies.
Novatek has signed the agreement as a part of today’s Eastern Economic Forum, in the presence of the Minister of Energy of Russia, the Minister of Economy, Trade and Industry of Japan and the Ministry of Economy, Trade and Industry of Japan.
Both sides will cooperate to support the production and marketing of ammonia and hydrogen and implement technologies for carbon capture and storage in Russia and Japan.
The two countries will also exchange information and conduct research in these areas. Furthermore, pilot projects will also be launched through state support for developing policies in decarbonisation, standards and requirements for low-carbon products.
Leonid Mikhelson, Novatek’s Chairman of the Management Board, commented, “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.”
Meanwhile, Novatek also signed a strategic cooperation agreement with the Japan Bank for International Cooperation (JBIC) on low-carbon projects to produce hydrogen and ammonia, carbon capture, utilisation, and storage technologies, as well as renewable energy projects in Russia, including ammonia and hydrogen production projects in the Yamal Peninsula.