Russian natural gas and LNG producer Novatek said on June 4 it has signed a Memorandum of Understanding (MOU) with Sberbank and Gazprombank on financing the construction of a green chemical plant on the Yamal Peninsula. The parties intend to organize financing to construct a plant near Sabetta to produce low-carbon ammonia and 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,” said Leonid Mikhelson, Novatek Chairman. “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.”
Novatek shares are listed in Russia on the Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK.”