Mitsui and Gazprom Neft have reached agreement and concluded a Memorandum of Understanding ("MOU") regarding the commencement of joint work with the aim of promoting carbon capture and storage ("CCS") in the Russian Federation and other countries in which Mitsui and Gazprom Neft could further collaborate.

By leveraging their collaborative relationship built in the hydrocarbon field, Mitsui and Gazprom Neft will work together toward the realization of CCS projects in the Russian Federation. The MOU also covers the pursuit of potential collaborative projects between Mitsui and Gazprom Neft in relation to decarbonization business.

Going forward, through the establishment of technologies for liquefied CO2 transportation and an international framework to offset carbon footprint by creating carbon credits associated with CCS projects, Mitsui will contribute to the decarbonization of Japan and the Far East region.

Mitsui has been expanding its global business toward achieving a decarbonized society, including its participation in CCS projects in the U.K. and Australia, utilizing its knowledge in oil and gas upstream business, as well as its wide-ranging business networks. Mitsui aims to further deepen the strategic partnership with Gazprom Neft, and will work to provide low-carbon solutions to the entire energy value chain, endeavoring to create a sustainable and eco-friendly society.

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