BP to offload stake in Russian oil firm

BP has confirmed that it will exit its shareholding in Russian state-owned oil firm Rosneft after Russia’s invasion of Ukraine.

The oil giant has held a 19.75% stake in Rosneft since 2013.

BP said it would sever its financial ties with Rosneft and stop taking a dividend. Both BP-nominated directors will resign from the Rosneft board “with immediate effect”.

“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region,” commented BP chair Helge Lund.

“BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change.”

It has not yet been decided how and when the shareholding will be disposed of.

BP’s latest annual results revealed that Rosneft accounted for $2.7bn (£2bn) of its profits, about a fifth of its total, BBC News reports.

Norwegian energy group Equinor has also said it would stop new investments into Russia and start the process of exiting its joint ventures in the country.

“We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world, and we are thinking of all those who are suffering because of the military action,” said Anders Opedal, president and CEO of Equinor.