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EVRAZ and Gazprom Neft to join efforts in developing carbon footprint reduction technologies

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EVRAZ and Gazprom Neft to join efforts in developing carbon footprint reduction technologies

EVRAZ (LSE: EVR) and Gazprom Neft signed a cooperation agreement on developing technologies to produce, transport, store, and use hydrogen and reduce emissions of carbon dioxide (CO2).

As part of the agreement, Gazprom Neft will be sharing its best practices in CO2 disposal. Since 2015, Serbia’s NIS (a joint venture of Gazprom Neft and the Republic of Serbia) has implemented a project on collection and purification of high-CO2 natural gas at a number of deposits. Extracted CO2 is pumped back into the developed reservoirs at a depth of over 2,500 metres.

EVRAZ will assess the feasibility of CO2 entrapment with subsequent disposal/utilisation and the transfer of the company’s steelmaking facilities from hydrocarbons to methane-hydrogen fuels to reduce GHG emissions. Hydrogen is viewed by the company as a high-potential green energy source.

“Reducing GHG emissions is one of priorities EVRAZ sets in its environmental strategy. We support the global low-carbon agenda, while looking for new opportunities to modernise our production facilities in a bid to contribute to climate stability and improve the environmental situation in the communities where we operate. I am positive that CO2 entrapment, disposal and utilisation technologies, as well as the use of hydrogen as energy source, have a huge potential for our coal and steelmaking assets”, — said Aleksey Ivanov, EVRAZ’s Senior Vice President, Commerce and Business Development.

“We routinely dispose of CO2 by pumping it back into oil and gas reservoirs as part of our operations; we have accumulated significant experience of such projects and we are ready to share this expertise with our partners and the market at large. According to the available expert opinions, pumping CO2 back into reservoirs is indispensable for delivering on the global CO2 emissions reduction targets. We want to pool our competencies with steelmakers to develop green industrial technologies”, — noted Vadim Yakovlev, Gazprom Neft’s Deputy Chairman of the Management Board, Deputy CEO for Upstream.