Renewable energy sources

Business diversification is a key element of strategic planning and creating a balanced portfolio of assets. The development of RES is the most promising area for energy companies, and the Company actively keeps up with the global trends. The future is in this business, so it is crucial for Zarubezhneft to be proactive in this regard.

Our goal is to expand globally and develop our own expertise in RES as a companion business. The Company has created and approved a system to search for and evaluate RES projects called ‘R-8. RES Development’ and implemented a project funnel in accordance with the criteria that was developed.

In addition, Zarubezhneft is establishing a competence center for alternative energy:

  • It signed a memorandum of understanding with Gubkin Russian State University of Oil and Gas on work to assist in developing ZARUBEZHNEFT GROUP’s Competence Center
  • It is developing electric vehicles, hydrogen energy projects, and projects to optimize grid components in the countries where Zarubezhneft operates
Major breakthroughs by Zarubezhneft in the development of RES:
  • It commissioned a roof-mounted solar power plant at Brod Refinery in Bosnia and Herzegovina as part of ongoing state support
  • It adopted a favorable investment decision to implement a pilot project for its assets in the Russian Federation for a ground-mounted solar plant to partially supply the internal needs of the Pashkinskoye field in the Orenburg Region
  • It launched a partnership with a qualified offshore wind generation market participant to develop its own expertise for joint projects in Vietnam

As human resources develop, the Competence Center grows, and the project portfolio expands, ZARUBEZHNEFT GROUP will be able to gradually transform from a financial partner into a technological and financial partner in the alternative energy sector.

Long-term prospects for the development of RES

The long-term strategic goal until 2030 is to create a balanced portfolio of alternative energy projects and transform Zarubezhneft into a diversified energy company.

Promising priority focuses
  • Search for and evaluation of new projects in wind power, solar energy, and hydropower in different countries
  • Join RES projects at various stages of development
  • Continue work to further develop the Competence Center for alternative energy on the basis of the Corporate Center
Creating the Competence Center

will make it possible to start implementing specialized RES projects in the initial stage with a medium-term planning outlook.