26 March 2024
26 March 2024
The oil and gas giant will focus on producing its own liquefied natural gas (LNG) rather that trading that of third parties.
The projects set to receive funding will be in the “highest emitting” industries where decarbonisation technologies will have the biggest impact, including steel, paper, concrete and glass making.
Russia plans to gradually ease export cuts while focusing on reducing production levels.
Yemen's Houthi rebels attacked a Chinese oil tanker on Sunday, despite a supposed agreement with China and Russia over safe passage through the Red Sea.
The plant is expected to become the biggest 'blue' hydrogen production facility in the world.
The company employs around 9,000 staff in Russia and maintained net assets worth $600m in the country at the end of 2023.
Summit's shares jumped around 38% to $26.88, the highest mark since December 2021, after the announcement.
The move hinges on the revision of the current contract, which was initially designed for oil discoveries rather than natural gas.
Merging industry-leading business intelligence & award-winning journalism, this is an unrivalled opportunity for engagement with B2B professionals across a network of 40+ leading media websites.
Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.
Give your business an edge with our leading industry insights.
