BP and Rosneft sign sustainability deal

BP and Rosneft Oil Company have signed a strategic collaboration agreement focused on ‎supporting the carbon management and sustainability activities of both companies.

As part of the deal, the companies have agreed to ‎cooperate in identifying and developing new low carbon solutions and programs that will support ‎their shared sustainability goals, BP outlined.

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, BP noted.

The agreement ‎is said to build on years of partnership between the two companies and formalizes key elements of their ‎collaboration on sustainability and work to identify carbon reduction activities and low carbon ‎opportunities.

“We’ve been partners with Rosneft for many years ‎now and we learn a great deal from each other,” BP Chief Executive Officer Bernard Looney said in a company statement.

“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,” he added.

Igor Sechin, the chief executive officer of Rosneft, said, “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,” he added.

“This is necessary for balanced social and ‎economic development and life quality improvement,” Sechin went on to say.