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.”