ritish Petroleum (BP) has announced it will offload its share in Russian oil-firm Rosneft.
BP owns a 19.75 per cent share in the firm but will relinquish the stake following Russia’s invasion of Ukraine.
The company has come under severe pressure to surrender its share following the invasion of Ukraine.
In a statement, BP’s 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.”
More to follow…