Rosneft and bp agree to cooperate on carbon management and sustainability

Source: press release, 4 February 2021

BP CEO Bernard Looney
BP CEO Bernard Looney (photo: BP)

Rosneft Oil Company and bp have signed a Strategic Collaboration Agreement focused on ‎supporting carbon management and sustainability activities of both companies. The agreement ‎builds on years of partnership between the two companies and formalises key elements of their ‎collaboration on sustainability and work to identify carbon reduction activities and low carbon ‎opportunities.

Based on their longstanding partnership and taking into account the profound changes shaping the ‎global energy transition to deliver more energy with less carbon, Rosneft and bp have agreed to ‎cooperate in identifying and developing new low carbon solutions and programmes that will support ‎their shared sustainability goals. The companies also intend to join efforts in aligning with developing ‎industry methodologies and standards on carbon management, including methane reduction ‎initiatives and energy efficiency applications.‎

Rosneft and bp will also jointly evaluate new projects envisaging the use of renewables, ‎opportunities for carbon capture, utilisation and storage (CCUS), as well as developments for ‎hydrogen.

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.

Commenting on the agreement signed, Rosneft chief executive officer Igor Sechin says, “Rosneft and ‎bp are united not only through the longstanding successful partnership in various areas but also in ‎the intention to leverage this experience in future prospective projects outlined in this agreement. ‎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.”‎

bp chief executive officer Bernard Looney says, “We’ve been partners with Rosneft for many years ‎now and we learn a great deal from each other. That’s 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.”‎