Rosneft & Trafigura Cooperate to Reduce Carbon Emissions

Source: www.gulfoilandgas.com 10/28/2021, Location: Asia

During the XIV Eurasian Economic Forum in Verona, Rosneft and Trafigura Pte. Ltd. (“Trafigura”) signed a co-operation agreement to assess, verify and identify opportunities to reduce greenhouse gas emissions associated with the production and transportation of Rosneft’s export crude oil.

Under the terms of the agreement, the two companies will work together to secure independent third-party verification of the carbon intensity of Rosneft’s crude oil exports from production to the point of delivery to each of Russia’s three principal export ports of Novorossiysk, Primorsk and Ust-Luga.

This independent verification will take place using global benchmarks and accepted international methodologies. In 2020, the volumes exported through these ports accounted for around 20 percent of Rosneft’s total crude oil exported annually and serve as a critical supply source for international crude oil markets.

Verified carbon intensity data for Rosneft’s export oil will provide customers with greater transparency and certainty over the associated upstream greenhouse gas emissions associated with crude production and transportation. It will also enable Rosneft and Trafigura to identify and progress further opportunities to reduce greenhouse gas emissions along the value chain for Urals crude oil.

“As we transition to cleaner sources of energy, oil will remain a vital component of the world’s growing energy needs for many years to come,” said Jonathan Kollek, President of Trafigura Eurasia. “We are pleased to be working with one of the world’s premier oil and gas producers to provide greater transparency of supply chain emissions to our customers. This agreement further represents Trafigura’s commitment to working with counterparties towards transparent reporting of and identifying opportunities to reduce emissions.”

Transparency and verification of upstream emissions is an important step in enabling supply chain participants to understand the full life cycle emissions of a commodity and work together to identify opportunities to reduce emissions.


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