As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”), PJSC Sberbank, and Gazprombank (Joint Stock Company) signed a Memorandum of Understanding (“MOU”) on financing the construction of a gas chemical plant on the Yamal peninsula.
The Parties intend to organize financing to construct a gas chemical plant in close proximity to Sabetta to produce low-carbon ammonia, hydrogen, as well as other gas chemistry products that reduce greenhouse gas emissions into the atmosphere.
“Ammonia is a promising low-carbon fuel in great demand in the chemical industry, and an efficient transport carrier of hydrogen,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “The Company is considering various concepts for a gas chemical plant in order to select the most efficient option. We plan to capture the carbon dioxide emitted from the ammonia production by injecting the CO2 into underground reservoirs to ensure the supply of clean energy to Europe and the Asia-Pacific region.”