Shell and UES sign framework agreement for cooperation

26-Mar-2001

Shell gas and Power (Shell) has signed a Memorandum of Understanding (MoU) with RAO United Energy Systems of Russia (RAO UES) to create a one-year framework for the joint evaluation of possible commercial ventures related to power.

UES is amongst the largest power generators in the world and operates 85 per cent of power generation in Russia. The MoU signals the start of a relationship between Shell and RAO UES, enabling examination of a wide range of projects in accordance with Shell’s business aspirations in the region.

The scope of the agreement covers three main areas for evaluation: the sharing of experience on climate change, including measurement and reporting of greenhouse gas emissions, emissions reduction technology and trading systems; possible partnership in brownfield power projects for domestic and international export markets that RAO UES may pursue and an examination of the opportunities for joint power trading.

Anatoly Chubais, RAO UES’ Chairman of the Management Board, said: “It is of major importance for RAO UES of Russia to co-operate with Shell in the assessment of possibilities of implementing joint investment projects in the Russian Federation related to the upgrading of power plants and the introduction of new energy-saving technologies in power generation. RAO UES and Shell will set up projects, which would be commercially viable for all of the investors. What is also important is the agreement reached between RAO UES and Shell in respect of co-operation in reduction of greenhouse gas atmospheric emissions, which is a most promising business area.”

Charles Watson, Shell Gas and Power’s Director for Russia said: “Russia is a major resource holder with tremendous potential and experience in the energy sector. This agreement with UES provides the framework for Shell to take advantage of opportunities to grow its business in the region. Of great interest to us both are the significant opportunities to co-operate in the reduction of carbon emissions in Russia and to engage in evolving new markets in this area.”

https://www.chemeurope.com/en/news/2214/shell-and-ues-sign-framework-agreement-for-cooperation.html