Marina Sedykh Took Shared Her Expertise at the Irkutsk State University’s Discussion on Sustainable Development

February 1, 2022

The General Director of JSC INK-Capital (the holding structure of Irkutsk Oil Company) participated as an expert in the discussion: “Sustainable Development and ESG Principles.” The event was organized by the Baikal International Business School of Irkutsk State University.
Марина Седых выступила экспертом в дискуссии ИГУ об устойчивом развитии

The participants of the discussion club include representatives of the Irkutsk Region Development Corporation: Irkutsk Oil Company, Sberbank, along with experts and entrepreneurs from various industries who discussed the introduction of mandatory certification, for small and medium-sized businesses, in the field of sustainable development and assigning of ESG ratings.

“ESG is quite influential both in business and in everyone's life. Everyone should understand what it is and how to properly live and implement their projects. If we talk about being responsible for the environment, we can see how the climate is changing. We watch natural disasters — floods, hurricanes — happen all over the world. This, like the melting of glaciers, might be a consequence of greenhouse gas emissions. Excessive carbon dioxide emissions created by human activities are visibly affecting the entire planet,” said Marina Sedykh.

The participants also discussed the topic of ESG ratings of companies from various industries. Marina Sedykh noted that it ratings are high in banking structures because of the nature of their activity. It is difficult for companies producing natural resources to achieve similar figures. However, Irkutsk Oil Company started focusing on sustainable development long before the UN set its 17 Sustainable Development Goals in 2015.

“We were the first and the only ones in Russia to start injecting associated gas into the reservoir. We also were the first to issue adaptation bonds. We are building a modern plant for the production of polymers from extracted gas. This will not be for household plastics, but industrial polymers, and raw materials for the production of composites. We are looking at concepts for the production of hydrogen, today's cleanest fuel. Despite the fact that we produce oil, we still strive by all means to be carbon-neutral,” said Marina Sedykh.

The head of JSC INK-Capital also answered the questions of those present at the discussion and emphasized the importance of social responsibility in developing an ESG strategy. “In the case that a company is not already focusing on their climate agenda, I think you have to start with the social component. Build a strategy for relations with employees based on equal rights. And above all, it is the fulfilment of all agreements, care for each member of the team, the mission and values developed within the company and accepted by each member of the team. Social responsibility of the company in the territory where it operates is very important.”

For example, Irkutsk Oil Company has been implementing the project “Ust-Kut — Territory of the Future” for several years. This includes improving living conditions of local people, opening INK-classes that help high school students prepare for entering higher education institutions in the field of oil and gas production. Another large-scale area is health care; in 2021, the company built a hospital from its own funds in Ust-Kut for COVID-19 treatment and rehabilitation for residents of Ust-Kut who have had COVID-19 . It is also the design and construction of a new district for the employees of Irkutsk Polymer Plant, creating new jobs and cultural projects. In the near future, we are planning to launch a program of high-tech medical care for Ust-Kut residents in leading clinics in other regions of Russia.

Irkutsk Oil Company is one of the largest independent producers of hydrocarbons in Russia. The company was established in 2000 and is engaged in prospecting, exploration and development of 52 license blocks in Irkutsk region, Krasnoyarsk region and the Republic of Sakha (Yakutia). Irkutsk Oil Company's largest investment project is the gas chemical cluster in Ust-Kut. It includes gas production, treatment, transportation, and processing facilities, two helium plants, and Irkutsk Polymer Plant.

 

Irkutsk Polymer Plant hired 422 employees in 2021 Irkutsk Oil Company Hired 3,700 Employees in 2021