BP to dump 20 percent stake in Russian oil firm Rosneft after Putins acts of aggression

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The massive oil company has announced that it will be offloading its 19.75 percent stake in Russian state-owned oil company Rosneft.

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

“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 move comes following pressure from the UK government to make the decision following the invasion last Thursday.

BP’s Chief Executive Officer Bernard Looney added: “Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected.”

Source: Read Full Article