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BP to exit 19.75% stake in Russian oil giant Rosneft because of invasion


The invasion ’caused us to fundamentally rethink BP’s position with Rosneft’

Reuters

Ron Bousso and Dmitry Zhdannikov

Publishing date:

Feb 27, 2022 • 19 minutes ago • 1 minute read • Join the conversation

BP said on Sunday it had decided to exit its 19.75 per cent stake in Russian oil giant Rosneft after Russia's invasion of Ukraine.
BP said on Sunday it had decided to exit its 19.75 per cent stake in Russian oil giant Rosneft after Russia’s invasion of Ukraine. Photo by REUTERS/Lee Smith/File Photo

LONDON — BP said on Sunday it would exit its 19.75 per cent stake in Russian oil giant Rosneft after Russia’s invasion of Ukraine, amid growing pressure from the British government.

The decision to abandon the Rosneft holding will result in charges of up to US$25 billion at the end of the first quarter, BP said in a statement. BP acquired its Rosneft shareholding in 2013 as part of the US$12.5 billion sale of a stake in TNK-BP.

BP Chief Executive Bernard Looney and his predecessor Bob Dudley will both step down from the Rosneft board.

“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft,” Looney said.

© Thomson Reuters 2022



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