Rosneft Oil Company and bp have signed a collaborative agreement to improve carbon management and sustainability measures.

The companies aim to develop new low-carbon solutions and change industry methodologies towards sustainability through methane reduction and energy efficiency.

They also aim to work on carbon capture and hydrogen development opportunities.

The agreement follows a long partnership between the companies and builds on bp’s aim to be a net zero company by 2050, as well as Rosneft’s position; being one of the first Russian companies to commit to the UN Sustainable Development Goals in 2018.

Bernard Looney, bp CEO, said: “We’ve been partners with Rosneft for many years ‎now and we learn a great deal from each other. That is important and I believe that this agreement ‎can be an important catalyst for progress. 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.”‎