ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) believes in the importance of a sensible Environment, Social and Governance (“ESG”) policy for all its business dealings and commits this statement to all its stakeholders and potential future investors. For more details please see the complete ESG policy statement.
Environmental, social and governance considerations are important to ShaMaran. The Company entered into an initial three year commitment as exclusive corporate sponsor of the Hasar 2025 Vision (including the Million Tree Project) being developed and administered by Hasar for Earth Sciences (“Hasar”), a non-governmental organization formed in Kurdistan Region of Iraq. The planting of trees in Erbil and its vicinity by Hasar has already commenced. ShaMaran’s sponsorship of Hasar with support from the Company’s technical, legal, financial and administrative sources have worked on enhancing the goals of these projects and developed the “Erbil 2030 Strategy”, a significant reforestation project which according to Hasar aims to plant in excess of 100 million indigenous trees in and around Erbil over the next decade.
ShaMaran intends to continue providing financial, technical, legal and administrative support to Hasar for the Erbil 2030 Strategy Project as well as assistance in working with local authorities on green belt/reforestation efforts to ensure the project’s success. ShaMaran has started the process for certification of carbon credits for this significant reforestation project and related activities which is a first-of-its kind in Kurdistan. These credits will be used by the Company to offset its carbon emissions in the Atrush and Sarsang Blocks. According to the Company’s environmental consultants the Erbil reforestation project is breaking new ground and is unique in the MENA region on many levels, not least in the intent to offset Scope 1 and 2 emissions through a local, in country initiative.
Over the next year ShaMaran plans to develop a detailed energy transition strategy to achieve net carbon neutrality. Future potential investment decisions by the Company in its growth plans will be carefully evaluated for alignment with that strategy and its objectives.
ShaMaran as part of the Atrush joint venture has been advancing the deployment of a gas solution to meet its commitment to bettering the environment in Kurdistan. The Sarsang joint venture is working to define the scope, alternatives and costs to advance a gas handling solution as per agreed terms with the KRG for Sarsang Block. During the third quarter of 2022 the Company joined HSBC’s Green Deposit program, an opportunity to invest surplus cash balances into environmentally friendly projects and initiatives in Canada financed by the HSBC bank. The Company has deposited an initial $15 million in a Green Deposit account further demonstrating the Company’s commitment to environmental, social and governance considerations in Canada as well as Kurdistan.
The Company is committed to making a positive difference to the communities wherever it conducts business and strives to be a partner of choice in the communities where it lives, with a strong commitment to optimising local content.
The Company commits to the highest standards of professional and ethical conduct from our employees, directors and officers, all of whom must conduct themselves in accordance with the Code of Business Conduct and Ethics (the “Code”). The Company also requires agents, representatives and consultants to follow the Code. The Company equally commits to fully comply with all applicable statutory and regulatory requirements in the jurisdictions where it conducts business.
The Company has a Board of Directors that is annually elected by its shareholders to manage and oversee its business. Since its inception the Company has followed a Code of Business Conduct and Ethics, a Corporate Disclosure Policy, and an Internal Employee Alert Policy which were all adopted by the Company to ensure proper and transparent corporate governance.
The Company is listed on the Canadian TSX Venture Exchange and the Nasdaq First North Growth Market (Sweden) in both exchanges under the symbol “SNM” and operates in full compliance with the rules and regulations of such stock exchanges.