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BP to dump 20 percent stake in Russian oil firm Rosneft: Shell Russia Exit Next?

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BP to dump 20 percent stake in Russian oil firm Rosneft after Putin’s ‘acts of aggression’

OIL GIANT BP has announced that they will be offloading their stake in a Russian state-owned oil company in response to the invasion of Ukraine.

By CHARLES HARRISON

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.

Business Secretary Kwasi Kwarteng said he had left BP’s boss with “no doubt about the seriousness of government concerns about BP’s overexposure to Russian interests” after a meeting on Friday, according to an official.

Following BP’s decision, Mr Kwarteng said: “Russia’s unprovoked invasion of Ukraine must be a wake-up call for British businesses with commercial interests in Putin’s Russia.”

FULL ARTICLE

Comment by John Donovan. Shell is a British business with commercial interests in Putin’s Russia. Sakhalin 2 and Nord Stream2.

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