BP will sell its 19.75% stake in Russia’s state oil giant Rosneft “with immediate effect” following President Putin’s invasion of Ukraine
BP will sell its 19.75% stake in Russian state oil company Rosneft immediately.
The company’s chief executive officer, Bernard Looney, will also step down from Rosneft’s board along with its other Rosneft chief, Bob Dudley, the oil company said in a statement.
The statement said Russia Invades Ukraine “caused us to fundamentally rethink BP’s stance on Rosneft.”
It has held shares in the Russian company since 2013.
Mr. Looney has been on the Rosneft board since 2020, along with chairman Igor Sechin, a close friend and ally of the Russian President. Vladimir Putin.
PA News reported that Mr. Looney was involved Russia most recently in October, when he appeared on a panel with Mr Putin, which he later described as a “privilege”.
BP President Helge Lund said that while BP has operated in Russia for more than 30 years and has “excellent Russian colleagues”, the Russian attack on Ukraine has had “tragic consequences across the region” and represents a fundamental change.
“The BP Board of Directors concluded, after a thorough process, that our engagement with Rosneft, a state-owned enterprise, simply cannot continue.”
Company officials said it was too early to say exactly how the shares would be disposed of.
It can be seized or sold.
Mr Looney said he was “deeply shocked and saddened” by the situation in Ukraine and that this has caused BP to fundamentally rethink its position with Rosneft.
“I believe the decisions we make as a board are not only the right thing to do, but are in the long-term interest of BP,” he said.
Business Secretary Kwasi Kwarteng “I welcome BP’s decision to withdraw its stake in the oil company Rosneft.
“Russia’s unprovoked invasion of Ukraine should be a wake-up call for British businesses with commercial interests in Putin’s Russia.”
BP’s latest annual results, published two weeks ago, reveal Rosneft accounted for Its 2 billion pounds of profitabout one-fifth of its total.
Oil prices surge past £74/barrel to hit the highest level in more than eight years after Russia launched its invasion of Ukraine on Thursday.
https://www.mirror.co.uk/money/bp-offloads-1975-stake-russian-26345155 BP sells 19.75% stake in Russian oil giant Rosneft with immediate effect