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 鈥巆ooperate in identifying and developing new low carbon solutions and programs that will support 鈥巘heir shared sustainability goals 鈥渂ased on their longstanding partnership and taking into account the profound changes shaping the 鈥巊lobal energy transition to deliver more energy with less carbon.鈥�
They will also join forces in aligning with developing 鈥巌ndustry methodologies and standards on carbon management, including methane reduction 鈥巌nitiatives and energy efficiency applications.鈥�
The companies will jointly evaluate new projects envisaging the use of renewables, 鈥巓pportunities for carbon capture, utilization and storage (CCUS), as well as developments for 鈥巋ydrogen, BP said.
"The companies intend to work together on opportunities for low carbon solutions in downstream 鈥巄usinesses, including the development of advanced fuel as well as evaluate the potential for the 鈥巇evelopment of natural forest sinks and trading of forest carbon-offsets credits. The companies will 鈥巆ooperate in sustainable development and social investment, including biodiversity," it added.
"We both believe in the power of partnership and look 鈥巉orward to bringing together the best of Rosneft and BP to develop low carbon solutions and drive 鈥巇own emissions," BP Chief Executive Officer Bernard Looney was quoted as saying in the statement.
By Sibel Morrow
Anadolu Agency
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