Oil group BP divests share in Russian oil giant Rosneft

Oil group BP divests share in Russian

Oil company BP will end its interest in the Russian oil group Rosneft because of the Russian invasion of Ukraine.

The break is inevitable, according to BP chairman Helge Lund. “Russia’s attack on Ukraine is an act of aggression that has tragic consequences throughout the region. However, this military action represents a fundamental change.”

“It has led the board to decide after a thorough process that our involvement with Rosneft, a state-owned company, simply cannot continue.

We can no longer accept that BP representatives play a role on Rosneft’s board of directors.” said Lund.

Oil group BP divests share in Russian

The company has had a 19.75 percent stake in Rosneft since 2013. Bernard Looney, CEO of BP, will step down from the board of the group with immediate effect. The other Rosneft director nominated by BP, the former CEO Bob Dudley of the BP group, is also stepping down.

In a response, Rosneft says that BP’s decision came under “unprecedented political pressure”, Russian news agencies report. According to the oil group, BP is thereby ruining thirty years of successful cooperation. Rosneft says he remains open to working with BP.

JOIN US ON WHATSAPP