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Gazprom Neft joins the Arctic Economic Council

Gazprom Neft has become an official partner of the Arctic Economic Council — independent international organisation established to address the global challenges of intergovernmental cooperation, sustainable development and environmental protection in the Arctic. The Council comprises national and international corporations, small and medium-sized enterprises (SMEs), and associations and community organisations of the indigenous peoples of the Far North.

Gazprom Neft has extensive skills and experience in implementing projects successfully in the Arctic region, and stands ready to offer its expertise to partners in sharing best practices.

Gazprom Neft’s involvement in the work of the international Arctic Economic Council, and in building long-term business relationships with its partners is fully consistent with company strategy. The past decade has seen the company commission three major fields — the Novoportovskoye field, in the Yamal Peninsula; the Vostochno-Messoyakhskoye field, on the Gydan Peninsula; and the Prirazlomnoye field, offshore in the Barents Sea. The company is developing effective Arctic logistics solutions for transporting its unique ARCO and Novy Port Arctic oil blends, the routes for which cover, among others, the Northern Sea Route.

A further area of the Council’s work involves ensuring sustainable development in the Far North, and making sure the interests of its indigenous peoples are kept front of mind in the business and social agenda. Gazprom Neft, for its part, is deploying a consistent strategy to support and engage with the indigenous peoples of the Russian Far North, Siberia and the Russian Far East. One of the tools through which the company implements its social and economic projects, and develops local infrastructure in those areas of the Arctic in which it operates, concerns social and economic agreements with regional and local government.

“We all appreciate that the Arctic has colossal resource potential. The further development of Russia’s oil and gas industry is predicated on this, to a large extent. For Gazprom Neft, the Polar Circle is also a region of strategic importance, accounting for more than 30% of our hydrocarbon production in 2020. And these volumes are only going to increase, over time. The Far North, moreover, is an ecosystem that demands particular care. Which is why all of our projects are being implemented using special solutions to minimise manmade environmental impacts. We see our involvement in the work of the Arctic Economic Council as a source for new partnerships, knowledge and competencies, on a global scale. I am confident that our experience in working safely in the Polar region will prove useful to the entire global community in the further economic development of the northern territories.”

Vadim Yakovlev

Vadim Yakovlev Deputy Chairman of the Management Board, Gazprom Neft

Notes for editors

Gazprom Neft is a vertically integrated oil company, primarily engaged in the exploration and development of oil and gas fields, oil refining, and the production and sale of petroleum products. In terms of production and refining volumes it stands among the top three largest companies in Russia. Gazprom Neft’s corporate structure encompasses more than 70 exploration and production, refining, and retailing enterprises throughout Russia, the CIS and worldwide. Gazprom Neft’s filling station network currently totals more than 2,000 outlets throughout Russia, the CIS and Europe. Gazprom Neft is one of the Russian oil industry’s leading companies in terms of efficiency. Company revenues in 2020 were ₽2 trillion, adjusted EBITDA ₽485 billion, and net profit ₽117.7 billion. Gazprom Neft’s largest shareholder is Gazprom PJSC, which holds a 95.68 % interest. The company’s remaining shares are floated on the world’s leading international stock markets.