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Company Strategy
Given the importance of the Company’s impact on the economy, the environment, and society, one of the Company’s top priorities continues to be the incorporation of sustainable development principles into key business processes. Over the next ten years, the Company will expand its resource base, improve the efficiency of current production, lengthen the value chain, introduce modern technologies, and reduce its carbon footprint.
We must transition to alternative and sustainable feedstocks in order to create a greener and more efficient mobility system. Due to strict regulations and consumer behavior, biofuel consumption in Europe is expected to roughly triple by the end of this decade. As the world’s population, prosperity, and standard of living rise, so will chemical and material demand. Many of the everyday electronics we use, such as computers and cellphones, are made of high-performance plastics.
They make our cars and planes lighter and more fuel-efficient, and they save lives by including safety features like airbags, helmets, and medical equipment. Because of characteristics such as strength, flexibility, and, most importantly, low production costs, lightweight solutions are essential not only for modern healthy living, but also for building a low-carbon economy. We must, however, change the way we dispose of plastic. Plastics must be viewed as a component of a solution rather than a problem.
To achieve our net-zero goal, we will gradually reduce our oil and gas production by 20% by 2050, and then completely stop producing oil and gas for energy use by 2050. We will continue to invest in traditional exploration and production until 2030, when our commitment will be significantly reduced. Gas will account for more than 60% of total energy consumption, emphasizing its role as a transition energy that allows renewables to be used. Concurrently, E&P will invest in geothermal energy and carbon capture and storage (CCS) to contribute to the construction of a more sustainable society by leveraging existing assets and skills.
The plan considers changes in Ural Refinery’s asset portfolio, such as the expansion of the petrochemical sector and the separation of Ural Refinery into a separate national corporation, as well as the global trend of clean energy transition and carbon management. The Company understands the significance of its impact on the economy, ecology, and society, and it will continue to integrate sustainable development principles into key business processes to ensure that economic, environmental, and social priorities, as well as corporate governance objectives, are consistent. Over the next ten years, the Company’s growth will be ensured by expanding its resource base, increasing the efficiency of current production, developing new processing, introducing modern technologies, and reducing its carbon footprint.