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BP announces its withdrawal from the capital of the Russian company Rosneft

In a statement, the group said its general manager Bernard Looney would resign from Rosneft’s board of directors with “immediate effect.”

It added that the group’s chief executive and former chief executive, Bob Dudley, would also resign.

“Russia’s attack on Ukraine is an act of aggression with tragic consequences throughout the region,” BP Chairman Helge Lund said.

“BP has been operating in Russia for more than 30 years…but this military action represents a fundamental change that has led BP’s board of directors to conclude, after an in-depth review, that our involvement in state-owned Rosneft simply cannot continue,” the statement said. .

Bernard Looney said he was “deeply shocked and saddened by the situation in Ukraine”. “I am convinced that the decisions we have made as a board are not only the right thing to do, but are also in BP’s long-term interest,” the statement quoted him as saying.

BP also announced that it is withdrawing from its other joint activities with Rosneft in Russia.

British Business Minister Kwasi Quarting, on Twitter, welcomed the disengagement, saying that “the unprovoked invasion of Ukraine should serve as a wake-up call for British companies with business interests in Russia”.

BP’s stake in Rosneft was estimated at $14 billion at the end of 2021.

“The decision to withdraw from Rosneft would be very costly for BP, but it is clear that the board felt in shock that it had no choice but to pay a heavy price and distance its activities from aggression,” Hargreaves Lansdown analyst Susanna Streeter said in a note. Russian”.

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