FORTUM CORPORATION ONLINE RELEASE 4.6.2021
Fortum has signed four new Memorandums of Understanding (MoU) regarding green energy supplies in Russia. New MoUs have been signed with a natural gas supplier Novatek, one of the major steel producers in Russia Magnitogorsk Iron and Steel Works (MMK), technology company Baker Hughes, and the global energy company Shell. The new agreements support Fortum’s strategy to partner with industrial and infrastructure customers to help them reduce the emissions of their operations.
With Novatek the parties intend to develop mechanisms that would power Cryogas-Vysotsk medium-scale LNG plant with green energy. Due to the use of green energy in its production processes the plant will be able to significantly reduce the indirect carbon footprint of its products.
The agreement with MMK outlines MMK’s intention to use green energy in its production processes. Using green energy in the production processes will significantly decrease the carbon footprint of MMK’s products.
The agreement with Baker Hughes will maximize the share of green energy used by the company to power its facilities and operations in Russia. This is part of Baker Hughes’ commitment to achieve net-zero carbon equivalent emissions by 2050.
With Shell Russia the signed MoU serves as a basis for the discussion of cooperation between the two companies on green energy and carbon capture projects. In addition, Fortum and Shell will explore possibilities for joint implementation of climate projects in Russia aiming at reducing greenhouse gas emissions.
“We are convinced that green energy is able to support the decarbonisation of the most important sectors of the Russian economy. As for the energy industry, growing conscious demand for green energy from industrial customers is yet another market stimulus for commissioning new green energy generation capacities,” says Alexander Chuvaev, Executive Vice President of Fortum’s Russia Division.
In Russia Fortum owns the largest RES portfolio of more than 2 GW, directly and through joint ventures. In Russia, Fortum already now supplies green energy to the AB InBev and Unilever production facilities, Sberbank, Air Liquide, Shchekinoazot Chemical Company, P&G and Leroy Merlin.
The MoUs with Baker Hughes and Novatek were signed at the St. Petersburg International Economic Forum by Markus Rauramo, Baker Hughes’ CEO and chairman Lorenzo Simonelli and Novatek’s Chairman of the Management Board Leonid Mikhelson. The MoUs with MMK and Shell were signed in the same event by Alexander Chuvaev, Executive Vice President of Fortum’s Russia Division, Pavel Shilyaev, PAO MMK CEO and Cederic Cremers, Country Chair Shell Russia.
Fortum News Desk, newsdesk [at] fortum [dot] com, +358 40 198 2843
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