As part of todays Saint-Petersburg International Economic Forum, PAO NOVATEK (NOVATEK and/or the Company) and PJSC Sberbank signed a Memorandum of Understanding (MOU) 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, NOVATEKs Chairman of the Management Board. This new MOU takes our mutual cooperation to another level and accords us the additional opportunities to implement NOVATEKs social and environmental initiatives, which represent one of the core elements of decarbonizing our hydrocarbon value chain and meeting the Companys development strategy.
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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 Companys upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the worlds largest natural gas producing area and accounts for approximately 80% of Russias natural gas production and approximately 15% of the worlds gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Companys shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol NVTK.