Multinational oil and gas company BP will be divesting its approximately 20 percent stake in a Russian state-owned oil firm due to Moscow’s “act of aggression in Ukraine.”
BP announced it will be offloading its 19.75 percent stake in the Rosneft oil firm, which it has held since 2013. BP Chief Executive Officer Bernard Looney will also be resigning from Rosneft’s board of directors as will former BP chief executive Bob Dudley, who was nominated to Rosneft’s board by BP.
Looney said in Sunday’s statement that he was “shocked and saddened by the situation unfolding in Ukraine.”
Looney had been a director of Rosneft since 2020 and Dudley had served as a director since 2013.
“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. 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,” BP Chair Helge Lund said in the statement.
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JUST IN: Multinational oil and gas company BP will be divesting its approximately 20 percent stake in a Russian state-owned oil firm due to Moscow's "act of aggression in Ukraine."https://t.co/K8K0JDqGpf
— The Hill (@thehill) February 27, 2022
Shell joins BP in divesting from Russia https://t.co/YcTw3881bP pic.twitter.com/GLO2cAgw9U
— The Hill (@thehill) February 28, 2022
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