Russian oil company Rosneft and British oil giant BP have signed an agreement to support carbon management and sustainability activities, BP announced in a statement on Thursday.
The companies have agreed to ‎cooperate in identifying and developing new low carbon solutions and programs that will support ‎their shared sustainability goals “based on their longstanding partnership and taking into account the profound changes shaping the ‎global energy transition to deliver more energy with less carbon.�
They will also join forces in aligning with developing ‎industry methodologies and standards on carbon management, including methane reduction ‎initiatives and energy efficiency applications.�
The companies will jointly evaluate new projects envisaging the use of renewables, ‎opportunities for carbon capture, utilization and storage (CCUS), as well as developments for ‎hydrogen, BP said.
"The companies intend to work together on opportunities for low carbon solutions in downstream ‎businesses, including the development of advanced fuel as well as evaluate the potential for the ‎development of natural forest sinks and trading of forest carbon-offsets credits. The companies will ‎cooperate in sustainable development and social investment, including biodiversity," it added.
"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," BP Chief Executive Officer Bernard Looney was quoted as saying in the statement.
By Sibel Morrow
Anadolu Agency