Climate Change

05 Feb 2021

Rosneft, BP Forge Renewables Alliance

05 Feb 2021  by   

Russian and UK oil giants Rosneft and BP have signed a strategic collaboration agreement that includes a pledge to work on renewables projects.

The fossil fuel players say they will “jointly evaluate” new projects in green energy but don’t specify the technologies involved.

UK supermajor BP has interests in offshore wind, onshore wind and solar, the latter through its Lightsource BP joint venture.

Rosneft chief executive Igor Sechin said the existing relationship between the two energy companies will inform development of future projects.

“‎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 said.

“This is necessary for balanced social and ‎economic development and life quality improvement.”‎

BP boss Bernard Looney (pictured) said “this agreement ‎can be an important catalyst for progress”.

Under the deal, Rosneft and BP have also agreed to ‎cooperate in identifying and developing new low carbon solutions and programmes that will support ‎their “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.‎

More News