MOSCOW (MRC) -- Russia's largest oil producer Rosneft said on Tuesday that its board has approved new strategy through to 2030 with the aim of achieving net zero emissions by 2050, earlier than President Vladimir Putin's deadline, reported Reuters.
Climate scientists have said the balance between the greenhouse gases we emit and those removed from the atmosphere must be zero by 2050 to prevent catastrophic levels of global warming.
Russia, the world's no. 4 GHG emitter, however, has said it targets carbon neutrality by no earlier than 2060.
Rosneft, in which BP holds an almost 20% stake, said the company will reach its emission targets "through a number of actions," including low-carbon power generation, eliminating routine flaring of gas and energy-saving and CCS technologies.
As part of efforts to reach that goal, the share of natural gas in total hydrocarbon production will grow to 25% by 2025.
Achieving a set of strategic targets is expected to contribute to a more than doubling of the company's free cash flow by 2030, said Rosneft, which is managed by Igor Sechin, a close ally of President Vladimir Putin.
The "Rosneft-2030" strategy also targets hydrocarbon production of 330 MM tons of oil equivalent per year, it said.
As MRC wrote previously, in November 2021, Russian oil firm Rosneft agreed to acquire a 37.5% stake in German refinery PCK Schwedt from Shell. The firm has exercised an option to buy the stake, increasing its shareholding in the refinery to 91.67%. The remaining 8.33% interest in the refinery is held by Eni. The transaction is contingent on government and regulatory approvals.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
MRC