Lundin Vitality AB (Lundin Vitality) is happy to announce that it has bought the world’s first ever licensed carbon impartially produced1 oil to Saras S.p.A (Saras), from its Edvard Grieg discipline, offshore Norway.
- First ever licensed carbon neutrally produced crude oil bought to Saras’ refinery in Sarroch, Sardinia
- Clear pathway to carbon neutrality:
- Edvard Grieg licensed as a low-carbon discipline, at 3.8 kg CO2 per boe
- 600,000 barrels of Edvard Grieg crude equipped
- Ensuing 2,302 tonnes residual CO2 emissions captured utilizing prime quality, nature-based options
- Unbiased testing and certification specialist Intertek, licensed full lifetime of discipline CO2 emissions of each barrel as carbon impartial
- From 2025, all barrels produced by Lundin Vitality will probably be carbon impartial of their manufacturing
Lundin Vitality’s Edvard Grieg discipline is the primary oil discipline on the earth to be independently licensed by Intertek Group plc (Intertek), underneath its CarbonClearTM certification. The sector is licensed as low carbon at 3.8 kg of CO2 per barrel of oil equal (boe) for full lifetime of discipline emissions, together with exploration, growth and manufacturing, 5 occasions lower than the world common2. With a purpose to provide a totally carbon impartial barrel to Saras, residual emissions of two,302 tonnes CO2 had been compensated via a top quality, nature-based carbon seize undertaking, licensed by the Verified Carbon Customary (VCS). As well as, the whole commerce was independently licensed as carbon impartial by Intertek underneath its CarbonZeroTM normal. Because of this, there have been no internet emissions launched in the course of the manufacturing of every barrel delivered to Saras.
As one of many elementary feedstocks of the worldwide financial system and vitality system for many years to return, it’s crucial that the provenance of each barrel of oil is accounted for, thereby starting the decarbonisation of the whole worth chain in step with the Paris Settlement targets. Because the vitality transition continues to speed up, offering licensed, low emission produced barrels to our clients ensures that they’ll proceed the decarbonisation pathway, delivering a differentiated product to their finish customers. From 2025, each barrel produced by Lundin Vitality, will probably be produced as carbon impartial.
Saras is a number one impartial participant within the Mediterranean refining business, with a manufacturing capability of about 15 million tons per yr and represents a reference mannequin by way of effectivity and environmental sustainability, due to the know-how developed in nearly 60 years within the enterprise. With its goal to be revolutionary, sustainable and a reference level amongst vitality suppliers, Saras is actively searching for and creating varied initiatives aimed toward minimising its environmental footprint.
Nick Walker, President and CEO of Lundin Vitality, commented:
“We had been the primary firm to have considered one of its discipline’s carbon emissions independently licensed as low carbon, and this licensed carbon impartial transaction with Saras, is the subsequent stage in what we imagine will change into a key worth differentiator for Lundin Vitality. The provenance of a barrel and the way it’s produced is more and more essential, as society and business require decrease carbon feedstocks to attain emission discount targets and meet the targets of the Paris Settlement. This commerce has been enabled by our business main decarbonisation technique and gives a proof level of the place the crude market is heading and the potential worth that may be realised via environment friendly, business main emissions reductions.
“I’m very happy to have been in a position to do that business first with Saras in Italy; their progressive low-carbon technique is aligned with ours and thru this primary licensed sale of crude they may be capable to clearly differentiate the refined product to their very own buyer base.”
Dario Scaffardi, CEO and Normal Supervisor of Saras, commented:
“We’re very proud to be one of many first refining firms in taking this revolutionary alternative. The acquisition from Lundin of licensed carbon impartial produced crude oil, demonstrates the continual and rising consideration that our Group provides to the environmental sustainability of its actions and goes together with varied different initiatives that we now have carried out to help our low-carbon technique. Particularly, at this stage, most of our efforts have been aimed toward decreasing and offsetting the direct carbon footprint of the refinery with plenty of initiatives, from scaling-up on biofuels manufacturing, to vitality effectivity initiatives, the event of renewable energy manufacturing and in addition inexperienced hydrogen.”
Lundin Vitality is an skilled Nordic oil and fuel firm that explores for, develops and produces sources economically, effectively and responsibly. We concentrate on worth creation for our shareholders and wider stakeholders via three strategic pillars: Resilience, Sustainability and Development. Our prime quality, low value belongings imply we’re resilient to grease worth volatility, and our natural development technique, mixed with our sustainable method and dedication to decarbonisation, firmly establishes our management position in a decrease carbon vitality future. (Nasdaq Stockholm: LUNE). For extra info, please go to us at www.lundin-energy.com or obtain our App www.myirapp.com/lundin
The Saras Group, based by Angelo Moratti in 1962, is a number one impartial participant within the European refining business. Its industrial website, primarily based in Sarroch, on the South-Western coast of Sardinia, comprises one of many largest refineries within the Mediterranean Sea and a 575 MW IGCC (Built-in Gasification Mixed Cycle) energy plant. By means of the mother or father Firm Saras S.p.A., and its subsidiaries, Saras Buying and selling SA, primarily based in Geneva, and Saras Energia SAU, primarily based in Madrid, the Group sells and distributes oil merchandise within the home and worldwide markets. The Group additionally operates within the manufacturing and sale of electrical energy, via its subsidiaries Sarlux Srl (IGCC plant) and Sardeolica Srl (Wind plant). Furthermore, the Group gives industrial engineering and analysis companies to the oil, vitality and surroundings sectors via its subsidiary Sartec Srl. The Group has about 1,690 staff and whole revenues of about 5.3 billion Euros as of thirty first December 2020 (about 9.5 billion Euros as of thirty first December 2019). For extra info, please go to us at www.saras.it
For additional info, please contact:
VP Investor Relations
Tel: +41 22 595 10 14
Head of Media Communications
Tel: +46 701 11 26 15
(1) Carbon impartial throughout full lifetime of discipline, together with exploration, growth and Scope 1 and a couple of emissions from manufacturing.
(2) Based on the most recent information accessible from the Worldwide Affiliation of Oil and Gasoline Producers.
Sure statements made and knowledge contained herein represent “forward-looking info” (throughout the which means of relevant securities laws). Such statements and knowledge (collectively, “forward-looking statements”) relate to future occasions, together with Lundin Vitality’s future efficiency, enterprise prospects or alternatives. Ahead-looking statements embody, however usually are not restricted to, statements with respect to estimates of reserves and/or sources, future manufacturing ranges, future capital expenditures and their allocation to exploration and growth actions, future drilling and different exploration and growth actions. Final restoration of reserves or sources are primarily based on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration.
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