Oil group BP divests interest in Russian oil giant Rosneft | Financial

The break is inevitable, according to BP chairman Helge Lund. “Russia’s attack on Ukraine is an act of aggression that has tragic consequences throughout the region. However, this military action represents a fundamental change. It has led the board to decide after a thorough process that our involvement with Rosneft, a state-owned company, simply cannot continue. We can no longer accept that BP representatives play a role on Rosneft’s board of directors.”

The company has had a 19.75 percent stake in Rosneft since 2013, making it the company’s largest shareholder after the Russian state, according to data from Bloomberg news agency. Far behind is Rosneft’s only known shareholder with a Dutch background: the Hungarian branch of Aegon.

Bernard Looney, the CEO of BP, will step down from the board of the group with immediate effect. The other Rosneft director nominated by BP, the former CEO of the BP group Bob Dudley, is also stepping down. On Sunday evening, the Norwegian state oil fund also announced that it would sell its Russian holdings, worth $3.3 billion.

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