BP has operated in Russia for three decades. AP
BP has operated in Russia for three decades. AP
BP has operated in Russia for three decades. AP
BP has operated in Russia for three decades. AP

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Business

BP exits shareholding in Russian oil giant Rosneft

BP has announced it plans to relinquish its shareholding in Russia’s biggest oil company

Soraya Ebrahimi
Soraya Ebrahimi

February 27, 2022

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  • Arabic

Live updates: follow the latest news on Russia-Ukraine

BP is exiting its 19.75 per cent shareholding in Russian oil giant Rosneft after pressure from the UK government.

The oil firm’s chief executive Bernard Looney has resigned from the Rosneft board with “immediate effect”, it said in a statement.

It came after UK Business Secretary Kwasi Kwarteng held an online call with Mr Looney for about 20 minutes on Friday to discuss the company’s position.

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

“BP has operated in Russia for over 30 years, working with brilliant Russian colleagues.

“However, this military action represents a fundamental change.

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

“We can no longer support BP representatives holding a role on the Rosneft board.

“The Rosneft holding is no longer aligned with BP’s business and strategy and it is now the board’s decision to exit BP’s shareholding in Rosneft.

“The BP board believes these decisions are in the best long-term interests of all our shareholders.”

Mr Looney said: “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.

“I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of BP.”

Ukrainian fighters test an automatic grenade launcher taken from a destroyed Russian infantry vehicle in Kharkiv. AFP
Ukrainian fighters test an automatic grenade launcher taken from a destroyed Russian infantry vehicle in Kharkiv. AFP
Refugees from Ukraine rest after arriving at a railway station in Przemysl, Poland. AP
Refugees from Ukraine rest after arriving at a railway station in Przemysl, Poland. AP
People walk down 17th June Street in Berlin before a rally against Russia’s invasion of Ukraine. AP
People walk down 17th June Street in Berlin before a rally against Russia’s invasion of Ukraine. AP
Vitali Klitschko, Mayor of Kiev and former heavyweight boxing champion, right, and his brother, Wladimir. AP
Vitali Klitschko, Mayor of Kiev and former heavyweight boxing champion, right, and his brother, Wladimir. AP
Khreshchatyk, Kiev’s main street, lies empty as a curfew comes into effect. AP
Khreshchatyk, Kiev’s main street, lies empty as a curfew comes into effect. AP
Ukrainian President Volodymyr Zelenskyy speaks to the nation from Kiev. AP
Ukrainian President Volodymyr Zelenskyy speaks to the nation from Kiev. AP
On February 27, the seventh anniversary of the assassination of opposition leader Boris Nemtsov, a note stating ‘No to war!’ is placed among flowers on the central Moscow bridge on which he was shot. AFP
On February 27, the seventh anniversary of the assassination of opposition leader Boris Nemtsov, a note stating ‘No to war!’ is placed among flowers on the central Moscow bridge on which he was shot. AFP
A member of the Ukrainian forces, wearing the Guy Fawkes mask popularised by Anonymous, patrols central Kiev. AFP
A member of the Ukrainian forces, wearing the Guy Fawkes mask popularised by Anonymous, patrols central Kiev. AFP
Sviatoslav Yurash, 26, a politician from President Volodymyr Zelenskyy’s Servant of the People party, poses with his assault rifle as he patrols Kiev. AFP
Sviatoslav Yurash, 26, a politician from President Volodymyr Zelenskyy’s Servant of the People party, poses with his assault rifle as he patrols Kiev. AFP
A Ukrainian serviceman and his dog look at smoke from a burning fuel storage depot after a Russian missile attack near Kiev. EPA
A Ukrainian serviceman and his dog look at smoke from a burning fuel storage depot after a Russian missile attack near Kiev. EPA
A refugee who fled conflict in Ukraine rests at a railway station after arriving in Zahony, Hungary. AP
A refugee who fled conflict in Ukraine rests at a railway station after arriving in Zahony, Hungary. AP
A refugee boy who fled Ukraine cries at the railway station in Zahony, Hungary. AP
A refugee boy who fled Ukraine cries at the railway station in Zahony, Hungary. AP
Civil defence members eat during a break at City Hall in Kiev. AP
Civil defence members eat during a break at City Hall in Kiev. AP
An Indian student is embraced by his family at Chennai Airport after returning from Ukraine. EPA
An Indian student is embraced by his family at Chennai Airport after returning from Ukraine. EPA
Smoke is seen rising from behind buildings following bombings in Kiev. Getty
Smoke is seen rising from behind buildings following bombings in Kiev. Getty
An armed civil defence woman holds a Kalashnikov assault rifle while patrolling an empty street in Kiev. AP
An armed civil defence woman holds a Kalashnikov assault rifle while patrolling an empty street in Kiev. AP
A woman fleeing from Ukraine cries as she waits to be taken to a shelter in Zahony, Hungary. Reuters
A woman fleeing from Ukraine cries as she waits to be taken to a shelter in Zahony, Hungary. Reuters
Ukrainian refugees cross the Romanian border at Siret, northern Romania. EPA
Ukrainian refugees cross the Romanian border at Siret, northern Romania. EPA
A residential building damaged by shelling in Kharkiv, north-eastern Ukraine. AFP
A residential building damaged by shelling in Kharkiv, north-eastern Ukraine. AFP
Apartments damaged by shelling in Kharkiv. AFP
Apartments damaged by shelling in Kharkiv. AFP
A girl protests against Russia's military operation in Ukraine, in front of the Russian embassy in Tel Aviv. AFP
A girl protests against Russia's military operation in Ukraine, in front of the Russian embassy in Tel Aviv. AFP
Young women protest in Tbilisi, Georgia with their hands painted in the colors of the Ukrainian flag. Getty
Young women protest in Tbilisi, Georgia with their hands painted in the colors of the Ukrainian flag. Getty
Supplies for Ukrainian refugees at one of three camps set up at the MoldExpo exhibition center, in Chisinau, Moldova. EPA
Supplies for Ukrainian refugees at one of three camps set up at the MoldExpo exhibition center, in Chisinau, Moldova. EPA
Police detain a demonstrator during a protest against Russia's incursion into Ukraine in St Petersburg. AP
Police detain a demonstrator during a protest against Russia's incursion into Ukraine in St Petersburg. AP
A man waits at a bus stop in St Petersburg, which has been with a painted in the colours of Ukraine's national flag. EPA
A man waits at a bus stop in St Petersburg, which has been with a painted in the colours of Ukraine's national flag. EPA
Russian ground forces approaching Nova Kakhovka, southern Ukraine. AP
Russian ground forces approaching Nova Kakhovka, southern Ukraine. AP
A woman holds her daughter's hand as they arrive by bus from the Polish-Ukrainian border. Getty
A woman holds her daughter's hand as they arrive by bus from the Polish-Ukrainian border. Getty
A man drives his car full of food supplies to deliver to the Ukrainian side of the border, where thousands wait to enter Poland. Getty
A man drives his car full of food supplies to deliver to the Ukrainian side of the border, where thousands wait to enter Poland. Getty
Refugees arrive with buses from the Medyka pedestrian border crossing, in Przemsyl, eastern Poland. AFP
Refugees arrive with buses from the Medyka pedestrian border crossing, in Przemsyl, eastern Poland. AFP
People gather to catch a train and leave Ukraine for neighboring countries at the railway station in Lviv, western Ukraine. AP
People gather to catch a train and leave Ukraine for neighboring countries at the railway station in Lviv, western Ukraine. AP
Cars form a line that stretches 35 kilometres from the Shehyni border crossing to Poland as people try to flee Russia's military operation against Ukraine. Reuters
Cars form a line that stretches 35 kilometres from the Shehyni border crossing to Poland as people try to flee Russia's military operation against Ukraine. Reuters
Helena, right, and her brother Bodia, left, from Lviv, wait at the Medyka border crossing in eastern Poland. AFP
Helena, right, and her brother Bodia, left, from Lviv, wait at the Medyka border crossing in eastern Poland. AFP
A Ukrainian soldier walks past debris of a burning military truck, on a street in Kiev. AP
A Ukrainian soldier walks past debris of a burning military truck, on a street in Kiev. AP
People run for cover during the shelling on the city of Kiev. AP
People run for cover during the shelling on the city of Kiev. AP
A child refugee who fled the conflict in Ukraine covers her face in the event hall of a hotel offering shelter in Siret, Romania. AP
A child refugee who fled the conflict in Ukraine covers her face in the event hall of a hotel offering shelter in Siret, Romania. AP
Ukrainian President Volodymyr Zelenskyy holding a briefing in Kyiv. He said that Azerbaijan's President Ilham Aliyev and Turkey's Recep Tayyip Erdogan have suggested talks with Russia, which 'can only be welcomed'. AFP
Ukrainian President Volodymyr Zelenskyy holding a briefing in Kyiv. He said that Azerbaijan's President Ilham Aliyev and Turkey's Recep Tayyip Erdogan have suggested talks with Russia, which 'can only be welcomed'. AFP
Ukraine's ambassador to the US, Oksana Markarova, at a news conference in the embassy of Ukraine, Washington. AP
Ukraine's ambassador to the US, Oksana Markarova, at a news conference in the embassy of Ukraine, Washington. AP
Manchester City footballers wear t-shirts in support of Ukraine before a match. Reuters
Manchester City footballers wear t-shirts in support of Ukraine before a match. Reuters
Ukrainian refugees arrive in Warsaw by train from Kiev. EPA
Ukrainian refugees arrive in Warsaw by train from Kiev. EPA
A woman waves a Ukrainian flag during a rally in Times Square, New York City. AFP
A woman waves a Ukrainian flag during a rally in Times Square, New York City. AFP
A man sits next to his dogs in an underground car park turned into a bomb shelter during an air raid alert in Kiev. AP
A man sits next to his dogs in an underground car park turned into a bomb shelter during an air raid alert in Kiev. AP
A woman sleeps on chairs in a Kiev bomb shelter. AP
A woman sleeps on chairs in a Kiev bomb shelter. AP
A satellite image with overlaid graphics shows military vehicles alongside the Chernobyl Nuclear Power Plant. Reuters
A satellite image with overlaid graphics shows military vehicles alongside the Chernobyl Nuclear Power Plant. Reuters
A satellite image shows the effects of shelling in open fields along Soborna Street in the north-east suburbs of Kharkiv. Reuters
A satellite image shows the effects of shelling in open fields along Soborna Street in the north-east suburbs of Kharkiv. Reuters
A big fire at a petroleum storage depot after a Russian missile attack, in Vasylkiv, near Kiev. EPA
A big fire at a petroleum storage depot after a Russian missile attack, in Vasylkiv, near Kiev. EPA
Ukrainian servicemen take positions at a military airbase in the Kyiv region. Reuters
Ukrainian servicemen take positions at a military airbase in the Kyiv region. Reuters

BP admitted last year that sanctions on Russia could be problematic for its business, as global leaders are lining up to impose an even more stringent economic retaliation against the Kremlin.

The company, which co-owns Rosneft with the Russian government, said in its annual report that “events in or relating to Russia, including trade restrictions and other sanctions, could adversely impact our income and investment in or relating to Russia”.

“I welcome BP’s decision to exit its shareholding in Rosneft oil company,” Mr Kwarteng said.

UAE currency
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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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Benefits of first-time home buyers' scheme
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A list of the animal rescue organisations in the UAE

Looking for a new family pet? Here are the links to visit when it comes to adopting... 

Animal Welfare Abu Dhabi

Rescue of Abu Dhabi

Feline Friends Abu Dhabi

Adopt-a-Cat UAE

Naema's Kittys 

Jackie's Cats UAE

Animal Action UAE

Animal Welfare Al Ain

Yanni Animal Welfare

Animals and Us Fujairah

Arabian Saluki Center of Dubai (Ascod)

38 Smiles

Emirates Animal Welfare Society

Red Paw Foundation 

KittySnip

Saluki International Rescue

K9 Friends Dubai 

Amanda's Animal Rescue UAE

Ahmed's Animal Rescue

Al Mayya K9 Adoptions 

New Life Rescue

Rescue Animals in Need United Arab Emirates

Stray Dogs Center UAQ

Sniff - Strays Needing Interim of Furever Friends

PARA UAE - Protection of Animal Rights Association

Ras Al Khaimah Animal Welfare Centre

Shepherd Rescue Arabia

Friends of Rakawc 

UAQAC Umm Al Quwain Animal Care

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Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
Killing of Qassem Suleimani
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

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The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

The Settlers

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Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Dooda%20Solutions%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Lebanon%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENada%20Ghanem%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20AgriTech%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%24300%2C000%20in%20equity-free%20funding%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2011%3C%2Fp%3E%0A
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When Umm Kulthum performed in Abu Dhabi

  

 

 

 

Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.

 
Whiile you're here
TRAINING FOR TOKYO

A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:

  • Four swim sessions (14km)
  • Three bike sessions (200km)
  • Four run sessions (45km)
  • Two strength and conditioning session (two hours)
  • One session therapy session at DISC Dubai
  • Two-three hours of stretching and self-maintenance of the body

ITU Abu Dhabi World Triathlon

For more information go to www.abudhabi.triathlon.org.

Killing of Qassem Suleimani
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The view from The National
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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More on Quran memorisation:
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

While you're here
How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.

A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.

Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

More on this story:
Updated: February 27, 2022, 11:17 PM`
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