BP and Rosneft to collaborate on sustainability goals

BP and Rosneft have signed a strategic collaboration agreement to focus on their carbon management and sustainability activities.

The two oil majors have agreed to cooperate to identify and develop new low-carbon solutions that are in line with their sustainability goals. The companies also plan to evaluate new projects on renewables, hydrogen, and carbon capture, utilisation, and storage (CCUS). They will also work to develop opportunities for low-carbon solutions in downstream businesses, which includes the development of advanced fuel. Other plans include aligning with developing industry methodologies and standards on carbon management, assessing the trade of forest carbon-offset credits, and cooperation in social investment.

Igor Sechin, Chief Executive Officer of Rosneft, said: “‎Joint efforts of our two companies, as the world energy industry leaders, will not only strengthen our ‎corporate aims in sustainable development, but will also provide a significant contribution to ‎overcoming the challenges the industry and the society face in the climate action and the satisfaction ‎of growing global economy demand for energy resources. This is necessary for balanced social and ‎economic development and life quality improvement.”‎

Bernard Looney, Chief Executive Officer of BP, said: “We both believe in the power of partnership and look ‎forward to bringing together the best of Rosneft and BP to develop low-carbon solutions and drive ‎down emissions.”‎