BP exits partnership with Russian energy company Rosneft

BP exits partnership with Russian energy company Rosneft

Oil big BP declared Sunday it will drop its stake in Russian vitality organization Rosneft – the most recent private severance of relations with Russia as the international superpower invades neighboring Ukraine.

BP, which has held a 19.75{f8f9f7e6fa72495c30ab254213729fbbad6cff923a9c63d260c5c902274d4d9d} stake in Rosneft since 2013, also claimed its chief government, Bernard Looney, will resign from the Russian firm’s board, successful right away. Bob Dudley, a previous BP govt, will also resign from Rosneft’s board.


“I am convinced that the conclusions we have taken as a board are not only the suitable factor to do, but are also in the extended-phrase passions of bp,” Looney claimed in a statement. “Our speedy precedence is caring for our terrific men and women in the location and we will do our utmost to help them.”

The organization explicitly cited the ongoing Russian attack on Ukraine as the purpose for the severance.

Ukrainian servicemen sit atop armored staff carriers driving on a road in the Donetsk area, japanese Ukraine, Thursday, Feb. 24, 2022. Russian President Vladimir Putin on Thursday declared a military operation in Ukraine and warned other countr

“Russia’s attack on Ukraine is an act of aggression which is acquiring tragic effects throughout the area,” said BP chairman Helge Lund. “BP has operated in Russia for over 30 yrs, operating with fantastic Russian colleagues. Nevertheless, this armed forces action signifies a elementary improve.”


BP also acknowledged that relations with Rosneft, a government-run firm, right benefited the Russian federal government.

A typical check out shows an oil treatment method plant in the Yarakta Oil Industry, owned by Irkutsk Oil Enterprise (INK), in Irkutsk Region, Russia March 10, 2019. Photograph taken March 10, 2019. REUTERS/Vasily Fedosenko (REUTERS/Vasily Fedosenko / Reuters Photographs)

“We can no for a longer period help BP reps holding a function on the Rosneft board,” Lund mentioned. “The Rosneft keeping is no more time aligned with BP’s company and system and it is now the board’s choice to exit BP’s shareholding in Rosneft. The BP board thinks these decisions are in the ideal long-term interests of all our shareholders.”

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Kwasi Kwarteng, the U.K.’s enterprise and vitality secretary, praised the go by BP in a tweet on Sunday.

“Russia’s unprovoked invasion of Ukraine have to be a wake up contact for British organizations with business interests in Putin’s Russia,” he mentioned.