General – Russia/Ukraine
Oil and gas giant BP has announced it will exit its 19.75% share in Russian state oil firm Rosneft, including the removal of Rosneft dividends from its financial results.
This would mean BP taking a financial hit of up to $25bn.
Bernard Looney, chief executive at BP 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.”
One of the consequences is that Looney, in the meantime, resigned as a trustee of 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. Our immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how BP can support the wider humanitarian effort.”
France’s TotalEnergies and US major ExxonMobil also have significant positions in the Russian oil and gas sector.