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Kazakhstan’s KazMunayGas receives ESG rating in sustainable development

Oil&Gas Materials 23 October 2020 17:13 (UTC +04:00)
Kazakhstan’s KazMunayGas receives ESG rating in sustainable development

BAKU, Azerbaijan, Oct. 23

By Nargiz Sadikhova - Trend:

Kazakhstan’s KazMunayGas National Company has received ESG rating in sustainable development by the Sustainalytics rating agency for the first time, Trend reports citing KazMunayGas (KMG).

Sustainalytics appointed KMG a rating of 69 points, which reflects the company's rather high sustainability indicators (ranks 33rd in the world out of 119 industry players). ESG Risk Rating is 34.5 points.

In terms of the ESG Rating components, KMG has been rated as follows: Environmental - 69 points, Social - 70 points, and Governance - 67 points. Compliance with ESG principles implies the implementation of best Environmental, Social, and Governance practices.

Sustainalytics’ high rating confirms the strategic commitment and responsibility of KMG to current and future generations in terms of environmental health and social stability, along with a continuous process of corporate governance improvement.

National Company KazMunayGas is a Kazakh operator for exploration, production, processing, and transportation of hydrocarbons, representing the interests of the state in the oil and gas industry of Kazakhstan.

On September 14, 2020, a Memorandum of Understanding was signed in Baku between KazMunayGas NC JSC, the State Oil Company of Azerbaijan (SOCAR), BP Exploration (Caspian Sea) Limited, Equinor Absheron AS, and TOTAL E&P Absheron B.V.

KMG noted that this initiative will become an excellent platform for dialogue and consultations, as well as an important step in joint actions to achieve environmental objectives in the Caspian region.

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Follow the author on Twitter: @nargiz_sadikh

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