15 February 2021

Gazprom Marketing & Trading and Cen Geo Sign an Agreement for CO2 Reduction Projects

On December 21, 2020, Gazprom Marketing & Trading (GM& T) and Central Geological Company (Cen Geo) signed an agreement for the joint implementation of CO2 emission reduction projects by eliminating associate petroleum gas (APG) flaring at three oil and gas fields in the Russian Federation.

Through this venture, Cen Geo is planning to build gas utilization and commercialisation infrastructure at three of its oil and gas production sites. This allows utilization of gas that otherwise would be flared. As a result, up to 50 mmcm of gas will be available for commercial use, avoiding up to 100,000 tons of CO2 from being released into the atmosphere.

GM& T will provide its project management expertise to certify these projects for their emission reductions, and monetise the resulting credits through its European customer base. Through this landmark deal, GM& T will also channel carbon financing to the Russian Federation, helping to substantially reduce APG flaring and resulting CO2 emissions.

Of the deal, the Head of Environmental Projects at GM& T, Julia Elmgren, says: “This is a great example of how carbon financing can bring about new, additional emission reductions, and we at GM& T are very proud to be partnering with Cen Geo to bring down emissions in the Russian oil and gas sector”.

CEO of Cen Geo, Dmitry Kamyshev, also added: “This deal enables us to contribute to a low-carbon economic development in Russia and reduce our carbon footprint. Investing in environmentally friendly projects gives us access to European carbon financing to help support our goals in reducing impact on the climate and deliver additional value to our shareholders”.

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