Climate Change Policy

Statoil Azerbaijan A.S is a Azerbaijan focused energy business.

Our vision is to provide locally derived, secure, affordable, and sustainable energy to meet the Azerbaijan’s evolving energy needs.

We are committed to attaining Net Zero emissions no later than 2050, in line with the Paris Climate Agreements, with at least a 25% reduction in emissions by 2035. � This commitment includes our share of Scope 1 (direct emissions) and Scope 2 (purchase of indirect power) emissions from operated and non-operated assets. This forms part of our commitment to safety, environmental and social responsibility in all our operations.

To achieve this Statoil Azerbaijan A.S will:

Establish time bound targets that support the ambitions of the UN Paris Climate Agreement.

Identify and pursue opportunities to minimise our carbon footprint and greenhouse gas emissions within our operations

Participate with industry and academic partners to evaluate, identify and invest in technology and studies that can help mitigate or offset our emissions.

Minimise transport direct emissions from operations by focusing on use of local supply chains and product sales and reducing staff travel.

Communicate with internal and external stakeholders in a transparent manner our climate related performance and our associated governance, risk management and target setting.

Consider carbon emissions as part of our decision-making process across our asset portfolio to test the robustness of investments against our net zero strategy.

Incentivise emission reduction opportunities identified by staff and contractors across our business with an emphasis on operational plant efficiency.

Any new developments will be low carbon by design.

Responsibility for climate change matters rests with the Statoil Azerbaijan A.S Board of Directors and the Managing Director. Performance against emission targets will be reviewed on a half-yearly basis.

This policy will be continually reviewed and updated alongside the company strategy as our understanding of climate related risks, new technologies and associated regulations evolves.