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Rosneft became the only Russian oil and gas company as a leader in the area of sustainable development

September 21/2021

MOSCOW (MRC) -- Rosneft became the only Russian oil and gas company announced as Global Compact LEAD in the area of sustainable development due to ongoing commitment to the United Nations Global Compact and its Ten Principles for responsible business, said the company.

The announcement of Rosneft Global Compact LEAD took place within the framework of the 76th session of the General Assembly of the United Nations. Rosneft was identified as being among the most highly-engaged participants of the world�s largest corporate sustainability initiative. In 2021, only 37 companies, out of which four companies belong to the oil and gas business, were assigned the Global Compact LEAD status.

Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, said, �LEAD companies represent the highest level of engagement with the UN Global Compact. More than ever before, the world needs businesses of all sizes � like the ones announced as LEAD today � that continuously work to improve their sustainability performance and take action to build a better world."

�Recognition as a Global Compact LEAD participant confirms Rosneft�s reputation of a company with high standards of corporate responsibility, and a superior asset portfolio that ensures sustainable economic development with a minimal environmental footprint,� � said  Igor Sechin, Rosneft Chief Executive Officer. Mr Sechin reminded that Rosneft was the first Russian company that publicly confirmed its commitment to the 17 Sustainable Development Goals of the United Nations, and integrated them into the corporate strategy.

Mr Sechin noted that Rosneft is the largest taxpayer of the Russian Federation, and plays a strategically important systemic role in the Russian energy industry and national economy on the whole, accounting for about four percent of Russia�s gross domestic product. For over ten years, Rosneft has been sharing the sustainable development principles of the United Nations Global Compact, and, through its operations, promoting development of the global economy based on the principles of equity, equality, and effective climate action.  

Rosneft has demonstrated its commitment to the UN Global Compact this year by participating in Action Platforms on Sustainable Finance and Sustainable Ocean Business. Each UN Global Compact Action Platform convenes business, Global Compact Local Networks, leading experts, civil society, Governments and UN partners to solve complex and interconnected issues and innovate around the Sustainable Development Goals.

Rosneft planned to build an oil refining and petrochemical complex in the Primorsky Territory in two stages - oil refining with a capacity of 12 m tonnes per year and petrochemicals with a capacity of 3.4 m  tonnes per year.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC"s ScanPlast report, Russia"s estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Rosneft is the world"s largest publicly traded oil company. The company accounts for about 5% of global oil production, and its proven reserves in the international category will exceed 5 billion tons of oil equivalent. Rosneft"s structure includes the Lisichansk Refinery, Angarsk Polymer Plant, and Ufaorgsintez after acquiring a 60.16% stake in Bashneft on October 12, 2016.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, Rosneft, Russia.
Category:General News
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