Bp to exit Russian state-owned Rosneft

The bp board said it will exit its 19.75 per cent shareholding in Rosneft and that bp CEO Bernard Looney will resign from Rosneft’s board with immediate effect. Former bp group chief executive Bob Dudley, will also resign from Rosneft’s board.

In a statement, bp chair Helge Lund said: “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. 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.”