SIBUR to take part in carbon monitoring project in Voronezh region

AK&M 11 June 2021 16:10

SIBUR's Voronezh site (Voronezhsintezkauchuk), the Government of Voronezh region, and Morozov Voronezh State University of Forestry and Technologies have reached an agreement on cooperation in R&D and innovation with an intention to develop and implement a carbon monitoring project in Voronezh region, SIBUR informed.

The trilateral agreement envisages the creation of a carbon monitoring station to conduct research and measure GHG emissions and removals with a focus on the capacity of natural GHG absorbers and reservoirs.

Furthermore, steps will be taken to raise awareness about R&D and innovation activities aimed at increasing the GHG removal capacity of forests in Voronezh region. The agreement also provides for outreach campaigns to change the public opinion on climate change.

Voronezh is the second Russian region where SIBUR will support the creation of a carbon monitoring station. In March 2021, the company sponsored a similar project in Tyumen region.

Carbon monitoring stations are areas with a unique ecosystem created to monitor climatically active gases together with universities and research organizations. They enable a number of crucial environmental studies, giving an opportunity to assess the removal potential of the areas. In the future, these stations will also help study possible options to increase this potential by creating a plant species mix, including their selective breeding based on local environment conditions and land use methods.

SIBUR is the largest integrated petrochemical company in Russia, one of the manufacturer of petrochemical goods, one of the most fast-growing players in the global petrochemical market with more than 22,000 employees. SIBUR processes by-products of oil and gas production processes.

IFRS net profit of SIBUR for 1Q21 was RUB 42.8 billion against a loss of RUB 52 billion a year earlier. Adjusted net profit excluding FX effects increased by 42% to RUB 44.9 billion. Revenue increased by 43.7% to RUB 173.38 billion, operating profit 2.6 times to RUB 57.8 billion, EBITDA 1.9 times to RUB 73.5 billion, EBITDA margin was 42.4% versus 31% in the first quarter of 2020.