BP to abandon Russian Rosneft: “This military action represents a fundamental change”
rosneft bp

Oil company BP operated in Russia for more than 30 years.

British oil company BP announced this Sunday that it will leave Russian giant Rosneft, in which it holds a 19.75% stake, following the invasion of Ukraine by Russia.

In a statement, quoted by Agence France-Presse, the oil group specified that managing director Bernard Looney had resigned from Rosneft’s board of directors, “with immediate effect”, as had another director appointed by BP.

“Russia’s attack on Ukraine is an act of aggression that has tragic consequences across the region,” said BP chairman Helge Lund.

According to the official, “BP has been operating in Russia for more than 30 years (…), but this military action represents a fundamental change”, leading “the BP board of directors to conclude, after a thorough process, that our involvement in the Rosneft, a state-owned company, simply could not continue.”

Like BP, Russian oil giant Rosneft is also listed in London. The presence among its shareholders of BP since 2013, which held the second largest stake after the Russian state, has been regularly criticized in the UK.

Following this withdrawal, BP indicated that the group would make a provision in its accounts for the first quarter of 2022, which will be published in May.

Source: with agencies


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