MOSCOW (MRC) -- Rosneft Oil Company and China National Petroleum Corporation (CNPC) signed the Memo on Cooperation in the field of low carbon development, said the company.
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.
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.
Rosneft is the world's largest public oil company. The company accounts for about 5% of global oil production, and its proven reserves in the international category will exceed 5 billion tons of oil equivalent. The structure of Rosneft includes the Angarsk Polymer Plant and Ufaorgsintez (part of the structure of Bashneft) after the closing of the deal to purchase Bashneft on October 12, 2016. The main shareholder of Rosneft is the state-controlled Rosneftegaz (50% plus one share), and the British BP owns another 19.75%.