Rosneft Pledges $5bn for Five-Year Green Projects Plan

The biggest oil producer in Russia, state-run Rosneft, has pledged to invest around $5 billion in eco-friendly projects over the next five years, the company said on Monday, according to Reuters.

The announcement for the plan comes after British giant BP, which owns of 19.75% of Rosneft, pledged deep cuts to its carbon emissions by 2050, setting one of the oil sector’s most ambitious targets.

Rosneft said the investments would be used for projects such as restricting CO2 emissions and utilization of associated petroleum gas, a by-product of oil output. Rosneft’s “green” investments for the past five years stood at 240 billion roubles ($3.8 billion).

The company also said it wants to cuts greenhouse gas emissions by 8 million tonnes by 2022.

According to the Russian Natural Resources Ministry, Russia is world’s fourth-largest greenhouse gas emitter after China, the United States and India.

President Vladimir Putin has said Russia will stick to its goals as part of global efforts on tackling climate change.

Last week, Rosneft said its oil refineries in the Samara region are increasing their level of environmental monitoring.

Kazakhstan on Tuesday reduced oil supplies via the Atasu-Alashankou pipeline to China after tests carried out at the end of the last week showed a high content of organic chloride.

Some oil transit from Kazakhstan to Russia goes via a pipeline which has a connection with the Russian pipeline system in the Samara region.

Rosneft said five stationary environmental posts will monitor the ecological parameters around the Novokuibyshevsky and Kuibyshev refineries around the clock. It did not specify if the move was linked to the Kazakh tests.