The World Wildlife Fund (WWF-Russia) and Creon Group presented the results of the 2020 Environmental Transparency Rating of Oil and Gas Companies. This year numerous accidents and spills caught much attention. At the same time, environmental transparency of business increased, while the final calculation saw the top three leaders changed. The rating report is being conducted with the support of the European Union.
On December 4, 2020 at 12.00 at the ITAR TASS press center, the results of the " Environmental Transparency Rating of Eurasian oil and gas companies 2020" will be presented. The event will also host an online round table "Energy Transition - Eurasian Context" dedicated to the challenges of decarbonization for the oil and gas industry in Russia, Europe and Asia.
JSW Steel Italy announced the signing of an agreement with Creon Capital with the aim of developing the renewable energy, LNG, logistics and related industrial activities in the area of Piombino port. On September 15th, JSW Steel presented the Piombino 2030 Industrial Plan.
The new industrial plan for JSW Steel Group’s Italian companies, known as Piombino 2030, was presented on September, 15th at the JSW Steel Italy headquarters in Piombino. JSW Steel Italy’s Vice-President, Marco Carrai, the Undersecretary for Economic Development, Alessia Morani, the President of the Tuscany Region, Enrico Rossi, and the Mayor of Piombino, Francesco Ferrari, were present at the event.
Other participants were the Social Partners, representatives of the Province, of the Ministry of the Environment, of the Ministry of Labour, Invitalia, the Upper Tyrrhenian Sea Port System Authorities and the State Property Office. The meeting was also attended by all the financial partners involved in the industrial plan.
The industrial plan, which envisages an initial investment of 84 million euro thanks also to the participation of Invitalia, as announced in the same office by the Undersecretary for Economic Development Alessia Morani, is divided into two phases: the first, in the short term, aims to make the rolling plants more efficient, complete the product range and bring the company to satisfactory profitability. The second phase, in the medium term, targets over the next five years the return to steel production through the use of the electric furnace and the construction of a multicentric industrial complex that also includes logistics, manufacturing and environment activities to be carried out with selected partners in the individual sectors and financials.
“We are proud to present the business plan today, even in a difficult economic situation. I would like to thank all those present here for making this relaunch a reality” – said Marco Carrai, Executive Vice President JSW Steel Italy – “Invitalia, as announced today by the Undersecretary for Economic Development Alessia Morani, will support this first phase, aiming to relaunch the company and make it productive again. We hope that Piombino will once again become a key industrial place, starting from our core business, steel, and safeguarding all jobs”.
“We had made a commitment and respected it. For some months now I have been following the dispute with Minister Patuanelli. The first commitment we had made was the possibility for the State to enter the capital of JSW Piombino and this will be achieved in the coming weeks through Invitalia, which will enter with 30 million euros” – said the Undersecretary for Economic Development Alessia Morani – “The second commitment was on a regulatory level and took shape last week, with the approval of the simplification decree, regarding the rail orders for the Piombino factory, thanks to which we created the ideal conditions ensuring a continuity that guarantees economic peace of mind for the company and, of course, for the workers. I believe that the policy must be done in the following way: for commitments and concrete results. On the 24th there will be a meeting at Mise to update the addendum that necessarily follows the approval of the industrial plan. With Jindal, all the institutional partners and with the help of the trade union, we hope to guarantee a future for this factory, which is the heart of the city, as soon as possible”.
In recent weeks, JSW Steel Italy announced the signing of an agreement with Creon Capital with the aim of developing the renewable energy, LNG, logistics and related industrial activities in the area of Piombino port and the start of a dialogue with the ship builder Fincantieri to assess the possibility of allocating some areas within the Piombino industrial site to shipbuilding activities and large reinforced concrete cellular modules for maritime infrastructure.
JSW Steel Italy Piombino S.p.a., Piombino Logistics S.p.a. e G.S.I. Lucchini S.p.a. are part of the diversified JSW Group in India, which has a leading presence in sectors such as steel, energy, infrastructure, cement, sports, among others. Today, JSW Steel Ltd. is one of the leading integrated steel companies in India with an installed capacity of 18 MTPA.
As in the previous year, Sakhalin Energy ranked first in the Environmental Transparency Rating of Russian Oil and Gas Companies. The international producer of liquefied natural gas (LNG), owned by Gazprom, Shell, Mitsubishi and Mitsui outperformed in terms of openness on environmental topics, a clear strategy on environmental responsibility and with concrete measures to decrease the production’s impact on the environment. On the second and third ranks followed Zarubezhneft and Exxon Neftegas Ltd., which also confirmed their leading positions of the previous year.
The rating was conducted for the sixth time already. From the very beginning, CREON Group supported the project as a strategic partner, whereas WWF (Russia) takes responsibility for the methodology and the National Rating Agency carries out the calculation based on publicly available sources. In 2019, the project was part of the EU funded People for Nature project. The government of the Russian Federation supported the event as well: The presentation took place in the government’s Analytical Center in Moscow. This time, 20 oil and gas companies were subject of the rating.
In addition, five companies received diplomas in additional categories: Lukoil was granted for its top performance in terms of environmental transparency, Rosneft was honored for encouraging the most constructive dialogue regarding accidents and controversial situations. For its leadership in mitigating environmental impacts Surgutneftegaz received a diploma, whereas Gazprom Neft was granted for its most dynamic growth of oil recovery. Tatneft has shown the most rapid advancement in the rating, which led to a diploma as well.
CREON Group chairman Dr. Fares Kilzie reminded: “We launched this project in 2013, which turned out to be revolutionary for the industry. The concept we are promoting is a forerunner not only in Russia, but globally. It is hard to acknowledge, but the results of our activity will not be visible today or tomorrow. At present, we are witnessing the changes in the Russian oil & gas business, and the massive efforts of the government and the companies are evident now, alongside a significant and inevitable transformation towards sustainable development. And we as a Group are proud of being part of the process.”
Aleksey Knizhnikov of WWF Russia confirms a significant increase of the companies transparency: “The modern economy is rapidly transforming and today investors and consumers value both the economic component of transactions and the social and environmental responsibility of businesses, which is important for gaining a competitive edge,” points out the WWF Russia Head of the Program for the Business Environmental Responsibility. “For the sixth year in a row, we have seen increasing progress in the companies’ disclosure of environmental performance. According to our estimates, public nonfinancial reporting of oil and gas companies has showed the fastest development in Russia over the last years and is becoming the basis for dialog with stakeholders on reducing environmental impacts,” he says.
The robustness of the method and the accuracy of calculations were confirmed by the FBK Grant Thornton audit and consulting group. The company performed selective tests of the criteria and analyzed the accuracy of the scores (levels) against the method, returning a favorable opinion. Vladimir Skobarev, Partner and Head of Corporate Governance and Sustainability at FBK Grant Thornton underlined: “The role of sustainability ratings as important tools for external assessment of corporate social responsibility is increasing every year, while the practice of independent confirmation of the ratings themselves, in turn, is a tool to increase trust in them.”
The Rating of Environmental Responsibility in the Russian Energy Sector has been launched in 2014 as an initiative of the CREON Group and WWF Russia. The project’s objectives were to conduct tangible and comparable information on environmental activities of oil and gas companies. Thanks to the publicity effect of the rating, some influence could be exerted on the companies in Russia, which partly increased transparency, decreased pollutions or developed an environmental risk-management-system. In 2017, the rating was first presented in Europe, also a separate rating of the Kazakh oil and gas companies was conducted.
The World Wide Fund for Nature (WWF) Russia works with state institutions, companies, experts and local communities to change people’s attitude to nature. The priorities of WWF’s various activities in Russia include the protection and preservation of biodiversity, sustainable forestry and fisheries, the «green economy», environmental governance, climate and energy.
CREON Capital is a fund management company based in Luxembourg. It manages the CREON Energy Fund, which actively invests in energy projects. Green technologies, renewable energy and logistics are among the focus areas of investments. The private equity fund also invests in the processing of gas and the construction of a liquefied natural gas infrastructure.
Like it or not, coal will remain an important resource for generating energy and heat over the coming decades. Countries such as China, Russia, Kazakhstan and even the EU member state Poland are increasing their coal production. It is therefore even more important to minimize environmental and health risks associated with coal. This is the mission of CoalTech Limited.
Clean Invest Africa Plc (NEX:CIA) and fund management company Creon Capital are pleased to announce the launch of CoalTech S.a.r.l. The joint company aims to expand towards Russia and CIS markets with innovation by CoalTech Limited. Recently acquired by the clean technology and renewable energy investment company CIA, CoalTech has developed an innovative agglomeration solution that converts coal fines waste deposits into combustible coal pellets via a proprietary technology.
CoalTech innovative solutions are required in Russia and CIS countries, which account for roughly two thirds of the coal production in Eurasia, excluding China. Creon Capital invests in the joint project with its clean-tech focused Creon Energy Fund (Sicav-SIF), aiming to develop multiple projects and scale up production in these markets. The Fund’s initiator Creon Energy (Moscow) will be responsible for the project implementation regionally, while adding value through its vast network in the region’s energy sector.
The technology used for upcoming projects is unique: With the help of patented binders, coal fine waste is being dried and processed into pellets, which show the same calorific values, composition and other characteristics as the coal of the respective mine itself.
CoalTech CEO Filippo Fantechi explains: “Our technology produces a valuable product made out of polluting and toxic waste. Tested successfully initially in South Africa, we are now ready to upscale globally. Russia and the CIS countries are attractive markets from an environmental and health perspective, as well as having an enormous industrial legacy. People in the region suffer from poor water and air quality, as residues of coal production and processing are often released into the environment. Drinking water is often contaminated by coal fine leaching. In winter times, carbon particles from coal fines in the air sometimes create what is known as ‘black snow’. These coal fines could relatively easily be cleaned-up and processed into combustible pellets with CoalTech’s green technology. We look forward to working with Creon to maximize this commercial clean–up opportunity”.
Dr. Fares Kilzie, Chairman and CEO of the Fund managing company Creon Capital, is confident that the new technology will be demanded in the region: “People in Russia and other former soviet countries care increasingly about how companies treat the environment, especially when phenomena such as ‘black snow’ highlight the problem of pollution. Companies have to take this into account, the industry and government authorities are seeking solutions, and the CoalTech green technology provides a commercially attractive solution whilst enabling the industry to effectively improve its environmental and social impacts.”
Creon Capital chairman Dr. Fares Kilzie and Shaikh Mohamed Abdulla Al Khalifa, main shareholder of Clean Invest Africa, signed the shareholder agreement in Forte dei Marmi (Italy). CoalTech S.a.r.l. has been established in Luxembourg, further updates shall be provided as the Russia and CIS opportunities develop.
UPDATE: CoalTech S.à.r.l. has been incorporated on October 4th, 2019.
Creon Capital S.a.r.l. manages the Luxembourg-based Creon Energy Fund (S.C.A. Sicav-SIF). The regulated Alternative Investment Fund (AIF) concentrates investments up to 100 Mio. Euro (targeted) on green technologies, logistics projects, value-adding midstream and downstream energy projects. The unlimited opportunity fund cooperates with partners such as the Investment Corporation of Dubai (ICD) and is focused on emerging markets and uprising new business segments in Eurasia and the Middle East. The Fund’s initiator and general partner is the Moscow-based independent consulting and management company Creon Energy, which brings add value on projects in Russia and CIS countries by using its vast network and market expertise in the region.
CoalTech Limited is registered in the UK and its parent company, Clean Invest Africa Plc is listed in London NEX Exchange (NEX:CIA). CoalTech has developed a revolutionary and innovative agglomeration solution that converts coal waste into combustible coal pellets via a proprietary technology using a specially formulated organic binder and a customized production process. CoalTech has developed its proprietary technology over almost a decade, has an operational producing and testing plant in Witbank, Province of Mpumalanga, South Africa. This plant started commercial operations in November 2018. The plant is expected to operate at full capacity soon, generating revenues on target margins based on a net monthly volume of 5,000 tons.
Head of Corporate Communications
Dubai’s fast-growing logistics provider Integrated Service Solutions is striding forward its global expansion in seven-league boots. Just today as the new headquarter was inaugurated in the Airport Free Zone, also the formation of a joint venture with Creon is completed, the structuring via the Creon Energy Fund is in process. “ISS Global Solutions” is based in Luxembourg, from where most projects in Europe and Eurasia will be directed. Roberto Bizzarri, the group’s specialist for oil and gas projects, will act as the company’s CEO.
The order books of ISS Global Solutions are already being filled: On behalf of General Electric, the company will carry out the transport of wind turbine generators from Europe and China to Kazakhstan. Operationally the teams of ISS GS and of the Hamburg-based Chandler GmbH will be in charge, the latter is being integrated in the structures of Integrated Service Solutions and will adopt the ISS branding soon. Over the past twenty years, an experienced team of logistics professionals has gained reputation of being able to implement even complex industrial logistics projects such as forwarding equipment to Novatek LNG plants on the Yamal Peninsula.
In this sense, the team will quickly become part of the family of Integrated Service Solutions, believes Group CEO Enver Moretti: “It is part of the self-definition of ISS, that we do not hesitate to accept even most complex assignments. We are not only moving parcels from A to B, but we ship large industrial plants – across Africa’s deserts and to the cold spines of Siberia, if required. “With the century-long cumulative experience of the ISS team and the slim structure, these shipments are both profitable for us and cost-effective for the client.
Russia and CIS countries will be a focus region for ISS Global Solutions. Creon Group, which structures the 50/50 joint venture through the Creon Energy Fund in Luxembourg, has been working in the region as a leading advisory and management company for twenty years. Chairman Dr. Fares Kilzie explains why professional logistics solutions are needed: “Instead of exporting oil and gas, countries such as Russia, Kazakhstan and Uzbekistan now focus on processing and refining of raw materials. This results in large projects in the energy, chemical, and mining industries, worth of several hundred billion dollars over the next decade. “The JV provides simple logistics solutions to complex projects.” For Creon the investment in ISS Global Solutions is merely one of many investment projects.
Former EU Commission President Romano Prodi is firmly committed to strengthening relations between the European and the Eurasian Union. As “political relations are currently stagnating”, Prodi said, the economic integration of those two regions must be improved even more. The EU politician, who also served as Prime Minister of Italy before and after his term as Commission Chief (1999-2004), is seeking to bring together the network of economic areas between the Atlantic and the Pacific.
The “First Connecting Eurasia Dialogue” should be established as a platform to connect businesspeople from Europe and Eurasia. The event took place on 15 March in Brussels, Creon Capital supports this dialogue as a main sponsor. More than 200 guests from Eurasian and European Union countries accepted the invitation to the Cercle Royal Gaulois in Brussels.
Creon Capital Chairman Fares Kilzie emphasized: “The Eurasian Economic Union is not a political initiative, and this should be demonstrated on this event to decision-makers in Brussels.” Too often, the region was reduced to political conflicts between the EU and Russia. “This politicization is a mistake”, says Kilzie: “Eurasia is a big market for European companies and vice versa. Economic relations in both directions must be promoted by politicians instead of being disturbed.”
The participants and panelists from Eurasia outnumbered the number of EU representatives. Kilzie criticized this: “This is more of a monologue, as representatives from Eurasia are much stronger represented in Brussels.” Similarly argued Mark Gyetvay, vice-president of Russian LNG manufacturer Novatek: “We need to work together and move from business to business to business.”
Both the Fund’s initiator Creon Group and the managing company Creon Capital support several initiatives to strengthen trade between East and West. Only two weeks ago, the Luxembourg fund management company joined a German initiative promoting free trade between Vladivostok and Lisbon. Russia’s minister of economy Maksim Oreshkin attended the signing ceremony during a Russian-German conference on bilateral economic relations.
Free trade is a crucial precondition for flourishing businesses in a globalized world. This is even more important in times, when on important markets occur tendencies isolationism. For this reason Creon as a globally active group of management, advisory and investment companies, decided to support an initiative to claim free trade between Vladivostok and Lisbon.
Luxembourg-based Fund managing company Creon Capital join on the group’s behalf the German-Russian initiative. Florian Willershausen, Director Business Development, Marketing and Communications, signed an according memorandum in Berlin, together with other businessmen such as OMV president Dr. Rainer Seele and Georgiy Semenenko (Kirov Group).
The initiative “Vladivostok – Lisbon” has been founded in 2016 by a group of businessmen led by Ulf Schneider (Schneider Group). Since then, mostly German and Russian company representatives elaborated concrete proposals how trade between the Eurasian and the European economic spaces can be harmonized, how trade carriers might be reduced in order to bush trade between Vladivostok and Lisbon as suggested by Russia’s president Vladimir Putin more than ten years ago.
Both Germany’s minister of economic development, Peter Altmaier, and his Russian counterpart Maxim Oreshkin, underlined the urgency need for free trade in his speech during the annual German-Russian conference, organized by the chamber of commerce in Berlin. And particularly “the potential of cooperation between Russia and Germany has not been exceeded at all”, said Altmaier.
For Creon the German attempt for free-trade is merely one of several initiatives to which the group contributes. On March 15, Creon will be partner of the 1st Connecting Eurasia Dialogue in Brussels, hosted by the Italian initiative Conoscere Eurasia.
Currently, one may find merely few topics in European-Russian relations on which a constructive discussion is still possible. Environmental protection is one of these topics. While Russia just like Germany sticks to the Paris Agreement on Climate Change, the country’s oil and gas producers are striving to become cleaner and greener along their value chains: instead of flaring the associated gas in oil production they process it, areas contaminated with oil are being recultivated. Risk management and accident prevention systems are being implemented. German and European companies provide the necessary technologies and solutions.
In order to awaken the potential of the cooperation and to expand the cooperation, the 2nd summit “Ecological Responsibility in Russia’s Energy Sector” took place on December 5th in Berlin Marriott Hotel. The Moscow-based CREON Group and the group-owned fund management company Creon Capital (Luxembourg) hosted the event. CREON finances “green” projects in the oil and gas industry and accompanies them in execution. The German Eastern Business Association (OAOEV) and the German-Russian Chamber of Commerce supported the event, which attracted around 100 participants.
OAOEV Chairman Michael Harms confirmed that ecology is an issue where Germans and Russians are d’accord. The move to more environmental protection offers opportunities for German companies to sell their equipment. CREON Chairman Fares Kilzie emphasizes that “even in Russia the transformation towards a green economy” has started. “In the 21st century, sustainability in projects in the Russian oil and gas sector will be a crucial factor.” For Creon Capital and its fund, this opens a “new vector for innovative investment” wherefore CREON is looking for partners and know-how in Europe, says Kilzie. “We host this conference in Berlin by purpose, as concepts and solutions for a greener future have culminated here along with the ‘Energiewende’, Germany’s turnaround in energy policy a decade ago.”
To document progress in Russia and also further cooperation this potential, CREON invented the independent transparency rating of oil and gas companies on environmental responsibility five years ago. The results have been presented together with WWF Russia. Ulrich Benterbusch, who oversees the German ‘Energiewende’ at the Ministry of Economic Affairs and Energy (BMWi), described the survey as “very important” and welcomed the establishment of the instrument. At the same time, he sees potential for a greener transport infrastructure: “Natural gas mobility could be an integral part of the energy transition in the transport sector in Germany.” LNG, as an alternative fuel especially for ships and heavy commercial vehicles, is cost-effective and environmentally friendly in the long term, especially as though the admixture of biomethane the CO2-free mobility would become a possibility.
At a panel discussion, Russia’s ex-Minister of Environment Sergej Donskoy, DEA Manager Michael Zettlitzer, Tatyana Minayewa of Wetlands International and Elena Kompasenko (Zarubeshneft) deepened the topic of “ecological responsibility” – and agreed on a conclusion, drown by Donskoy: Of course, there is still room for even more environmental protection in Russia, but it’s going in the right direction. “We are not wizards, but we are learning,” Donskoy said. But every initiative is important.
CREON is a Moscow-based group of independent consulting and management companies, which has developed a comprehensive expertise in the chemical, energy and commodity processing industries in about 20 years. Luxembourg-based Creon Capital manages a private equity fund that invests in projects in the energy and chemicals sectors, including green technologies and building LNG infrastructure in Europe.
Contact: Florian Willershausen, Director BD/M/C, email@example.com, Tel. +49-151-16244591
The Worldwide Fund for Nature (WWF) and CREON Group have announced results of the fifth Environmental Transparency Rating of Oil & Gas Companies operating in Russia. The announcement ceremony took place at the Analytical Center of the Government of the Russian Federation in Moscow on the 30th of November.
The Rating project has been implemented with support from the United Nations Environment Program and with participation of the Ministry of Natural Resources and Environment of Russia and the Ministry of Energy of Russia. Just as in previous years, the rating process has been executed by National Rating Agency, while the Luxembourg-based fund management company Creon Capital participated as a partner in the project.
The results of the rating in 2018 both affirmed yesteryear leaders’ standings and revealed new prominent up-and-coming participants. As in the previous year Sakhalin Energy (Sakhalin-2), a joint venture of Gazprom, Shell, Mitsui and Mitsubishi, ranked first, followed by Zarubezhneft. The latter company appears in the top 3 for the first time. Exxon NL achieved the third rank.
For the first time, special diplomas were awarded to winners in each of three Rating categories: Surgutneftegaz and Zarubezhneft shared the first rank in terms of ‘Environmental Management’; Caspian Pipeline Consortium (CPC) scored the best result in ‘Environmental Impact’; and LUKoil convinced the rating agency regarding their ‘Information Disclosure’.
The high importance of the study was underlined by Denis Khramov, the Minister of Natural Resources and Environment of the Russian Federation: “The public initiatives of the Worldwide Fund for Nature such as the Transparency Rating of Environmental Responsibility of Oil & Gas Companies operating in Russia represent an important input in improving ecological policies in the industry, and are also increasing the public availability of environmentally significant information”.
“Recently we have witnessed increasing support and attention to our rating from relevant government bodies such as the Ministry of Natural Resources and Environment of Russia and the Ministry of Energy of Russia, which confirms the importance of ratings in the system of public administration of environmental risks and impacts”, said Alexey Knizhnikov, Oil & Gas Program Leader, WWF Russia. “At the same time, it should be noted that two of four Russian state oil and gas companies, namely NK Rosneft and Zarubezhneft, have been increasingly involved in the rating’s development compared to previous years. Their representatives have always been participating in methodology development and progress review meetings”.
Pavel Sorokin, Deputy Minister of Energy of the Russian Federation, also addressed his support to the rating’s initiators: “Improving social and environmental responsibility of companies in the oil and gas sector in Russia is becoming an increasingly pivotal task in the field of public administration and in achieving better competitiveness of Russian business. The non-government initiative to conduct the rating has proven its effectiveness within the five years since the project started. The dialogue between oil and gas companies and the society on environmental safety issues should be actively pursued with this project”.
Head of CREON Group und Chairman of Creon Capital, Fares Kilzie, underlined in his speech: “CREON Group in general, and Creon Capital in particular, fully support and promote the idea of “responsible investments”, which promotes the rapidly improving investment climate in Russia. As an investment fund we identify outstanding business opportunities, when Russian oil and gas companies improve their ecological footprint. We are ready to contribute in financing sound projects such as advanced APG processing and LNG as an alternative energy source to replace traditional sources fuels such as Diesel and heavy oil. In this context, I would like to mention NOVATEK as a successful endeavor, that grow to the largest Russian LNG producer. This company pioneers with the implementation of large-scale LNG, which may change the whole industry’s structure.
The “Environmental Transparency Rating of Oil and Gas Companies” operating in Russia is an independent project, invented by the Fund’s initiator Creon Energy in 2014. More than 30 Russian and international enterprises are being rated annually regarding their environmental policy. The rating is conducted independently by the Russian Rating Agency, according to a sophisticated methodology developed by the Worldwide Fund for Nature (WWF) Russia. In 2018, Creon and WWF also started to rate oil and gas companies in Kazakhstan, a global rating will be conducted soon.
For a long time the mostly state-owned oil and gas companies in Russia were closed shops. Reports on environmental sustainability – missing. Manuals how to deal with hazardous situations – out of date. Recultivation projects for oil spills – what for?
In the past couple of years the situation has changed tremendously: Even large state enterprises such as Rosneft started to report on environmental responsibility in detail. Lukoil installed solar-based power generation on their oil production plants. And the gas associated with the process of oil refining has increasingly been processed or transferred to pipeline systems instead of being burnt.
The rating aims to accompany this process towards more environmental responsibility. The disclosure of information has significantly increased within the five years the rating has been conducted. Companies’ ecologists discuss the ratings results and best-practice examples. The product’s presentation annually turns out to be a gathering of specialists working for competing companies in Russia. But all of them try hard to get the oil and gas production “greener”. In 2018 the rating’s results have been presented in the Analytical Center of the Russian government, representatives of several ministries attended the event.
The methodology behind the rating of oil and gas companies in terms of environmental transparency and responsibility has been developed in 2014 and reviewed since then on an annual basis. Every year all Russian oil and gas companies are invited to participate in a round table discussion with WWF specialists to discuss the details and propose changes. Large companies such as Rosneft and Lukoil contribute to this discussion constructively just as much as smaller producers such as Salym Petroleum.
According to the metholodology the rating agency assesses the oil and gas companies along the value chain from hydrocarbon production, processing to transportation. The amount and quality of disclosed information is crucial for their placement in the rating, but also the way how comapnies deal with accidents, whether they inform about it or deploy a harzard prevention and risk management system. Also the producers measures to process associated petroleum gas (APG) during the refinery process matter, some still burn APG instead of using it.
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