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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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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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.

“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.

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Updated: February 27, 2022, 11:17 PM
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