Novatek and Fortum join in on renewable power

Russia’s largest LNG producer Novatek and European energy company Fortum have signed a Memorandum of Understanding (MoU) on renewable power cooperation.

Under the agreement, Novatek will purchase electricity produced by Fortum’s renewable power facilities in Russia.

The Cryogas-Vysotsk medium-scale LNG project is especially emphasized for this.

Novatek will be able to offer its LNG customers a more sustainable product with a reduced Scope 2 carbon footprint (purchased electricity), using green energy produced by wind farms owned by Fortum and its joint ventures at the LNG plant in Vysotsk.

The Cryogas-Vysotsk’s design capacity is 660,000 tonnes of LNG per year, with a 42,000 cubic metres LNG storage tank and an offloading berth designed to handle LNG carriers with a capacity of up to 30,000 cubic meters. Novatek bought a 51 per cent participation interest in this project in 2017.

Novatek’s chairman of the management board Leonid Mikhelson said: “Purchasing green, renewable energy to power our facility represents one of the most promising mitigation solutions, and our cooperation with Fortum, the largest investor in Russian renewable energy projects, will allow us to contribute to climate change mitigation and increase the competitiveness of our LNG in international markets.”