Rosneft and CNPC agreed to cooperate in the field of low carbon development
Within the visit of the delegation headed by the President of the Russian Federation Vladimir Putin to Beijing (PRC), PJSC Rosneft Oil Company and China National Petroleum Corporation (CNPC) signed the Memo on Cooperation in the field of low carbon development.
Signatures under the document were affixed by Igor Sechin, the Chief Executive Officer of Rosneft, and Dai Houliang, the Chairman of the Board of Directors of CNPC.
In accordance with the Agreement of Rosneft and CNPC there are prospects of interaction worked out concerning a set of areas of low carbon development, particularly in reduction of greenhouse gas emissions, including methane, technologies of energy efficiency as well as CO2 capture and storage (CCS). Parties also consider other areas of potential cooperation in the field of low carbon development as well. Low carbon technologies developed by the companies, including “smart” and digital solutions, in the future may be applied within the large-scale joint petroleum projects in Russia and China.
Rosneft and CNPC are organizers of Russian-Chinese Energy Business Forum established by the instruction of the President of the Russian Federation Vladimir Putin and the President of the People's Republic of China Xi Jinping. The objective of this Forum is a development of the energy dialogue between Russia and China, increase in bidirectional commodity circulation, extension of the portfolio of joint projects, attraction of investments and funding of projects.
In May 2017 during the official visit of Russian President Vladimir Putin to China, Rosneft and CNPC signed the Agreement on the establishment of the Joint Coordinating Committee (JCC). The Committee was established for development of the cooperation of the companies in a number of strategic areas, including interaction in the exploration and development of oil and gas fields, oil refining and petrochemicals, trade in oil and oil products, scientific and technical research, training of personnel, as well as the implementation of promising projects in the field of supply and oil services. In November 2021 there was the fourth meeting of the JCC.
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Rosneft is a member of the United Nations Global Compact thus confirming its commitment to the highest principles of the sustainable development. Rosneft annually publishes a detailed information about its ESG activities in its sustainable development reports.
In December 2021 the Company presented a new development strategy – “Rosneft-2030: Reliable Energy and Global Energy Transition”, that accounts for modern trends in climate agenda and global energy transition as well as a need in reliable supplies of affordable and clean energy. As part of the Strategy, Rosneft has a goal to achieve a clean carbon neutrality by 2050 for emissions of Scope 1 and 2. A number of policy initiatives will make it possible to achieve this goal, including reducing greenhouse gas emissions, achieving zero routine flaring of associated petroleum gas, and reducing methane emissions to less than 0.2 % by 2030, gradually converting the Company’s own transport to low carbon fuels, etc.
The Company develops cooperation with foreign partners in the field of carbon management and sustainable development. Rosneft has concluded cooperation agreements with bp, Baker Hughes, ExxonMobil, Equinor, as well as with the Ministry of Economy, Trade and Industry of Japan (METI) to support its long-term emission reduction goals.
The world investment community, considering socially responsible investment as a long-term trend, highly values the company’s activities. In 2021 Rosneft became the only Russian oil corporation that was the sustainable development leader and a member of global initiative Global Compact LEAD due to ongoing commitment to the United Nations Global Compact and its Ten Principles for responsible business.
The FTSE Russell subsidiary’s London Stock Exchange Group confirmed the entry of Rosneft into the international exchange index – FTSE4Good Index Series. Rosneft is recognized as the best Russian oil and gas company in a number of international ESG ratings – RAEX-Europe and Bloomberg. The company has become one of the leaders among global oil and gas companies participating in the international climate rating – CDP (Carbon Disclosure Project). Upon the independent evaluation Rosneft was awarded with the B score – by a level above the average indicator of the global climate scores of participants.
Information and Advertising Department
of Rosneft
February 4, 2022
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