BP withdraws from cooperation with Rosneft. “A military attack changes everything” – Biznes Wprost

Oil concern BP is pulling out of the joint venture with Russia’s state-owned Rosneft. The British owned 19.75%. Rosneft stock. There were also two company representatives on the company’s board of directors. Today, BP issued a special statement on the matter.

BP withdraws from Rosneft

We read in the BP statement that the company is withdrawing its stake in the Russian fuel company. Two BP members have also resigned from their board positions. Bernard Looney will cease to be the company’s managing director, and the second, Bob Dudley, will leave the board.

“The Russian attack on Ukraine is an act of aggression with tragic consequences throughout the region.” – BP CEO Helge Lund wrote. BP has been in Russia for 30 years, working with great colleagues from Russia. However, this military attack changes everything. This has led our company to conclude that our commitment to Rosneft, the state-owned company, simply cannot be sustained.” – he wrote.

“Like many people, I was deeply shocked and saddened by the situation in Ukraine. My thoughts go to everyone who has been affected. This has fundamentally changed BP’s thinking about further partnership with Rosneft. I am convinced that the decision we have made is not only correct, But it is also beneficial for BP in the long run.” – said the outgoing CEO Bernard Looney.

Financial blow to Rosneft

The withdrawal of BP from its stake in Rosneft also means a huge financial blow to the Russian company. The statement said Rosneft would lose nearly $14 billion in two tranches in the first quarter. BP officials have also said they intend to leave all other companies with which they are involved in Russia.

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