Rosneft and St. Petersburg International Mercantile Exchange (SPIMEX) signed a Cooperation Agreement.

The document was signed by Rosneft CEO Igor Sechin and SPIMEX President Alexei Rybnikov.

The Agreement provides for cooperation between the parties in the area of carbon management and development of exchange trade in carbon units resulting from the implementation by Rosneft of projects to reduce greenhouse gas emissions.

Rosneft and SPIMEX will explore an opportunity of holding test auctions of Rosneft carbon units.

The Agreement provides for development and introduction of new tools for exchange trading in low-carbon oil and petroleum products.

In addition, the company and the Exchange will work together to create a Russian benchmark for hydrocarbons (oil, petroleum products, natural gas, LNG) with low carbon intensity.

In December 2021, the company presented a new development strategy – «Rosneft-2030: Reliable Energy and the Global Energy Transition», which takes into account current trends related to the climate agenda and the global energy transition, as well as the need for reliable supplies of affordable and clean energy.

As part of the Strategy, Rosneft aims to achieve Net Zero by 2050 for Scope 1 and Scope 2 emissions.

SPIMEX is the largest commodity exchange in Russia and organizes exchange trading in the markets of petroleum products, oil, gas, LPG, timber and construction materials, mineral fertilizers, as well as in the futures market.

The exchange was founded in May 2008.