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Rosneft and SPIMEX sign carbon management agreement

Published by , Editorial Assistant
Hydrocarbon Engineering,

Rosneft and St. Petersburg International Mercantile Exchange (SPIMEX) have signed a cooperation agreement. The document was signed by Rosneft Chief Executive Officer Igor Sechin and SPIMEX President Alexei Rybnikov.

The agreement provides for cooperation between the parties in the area of carbon management and development of exchange trade in carbon units resulting from the implementation by Rosneft of projects to reduce greenhouse gas emissions.

As part of the cooperation, the company and SPIMEX will explore an opportunity of holding test auctions of Rosneft carbon units. The agreement provides for development and introduction of new tools for exchange trading in low-carbon oil and petroleum products. In addition, the companies will work together to create a Russian benchmark for hydrocarbons (oil, petroleum products, natural gas, LNG) with low carbon intensity.

The agreement will help achieve the net zero goal by 2050, which is enshrined in the new strategy Rosneft-2030. The company highly appreciates the prospects of the carbon market and intends to actively participate in the development of the Russian exchange trading mechanism.

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