Feb 27, 2022
BP to offload stake in Russian oil firm Rosneft
BP is to offload its 19.75% stake in Russian state-owned oil firm Rosneft after Russia's "Act of aggression in Ukraine". The oil giant had come under pressure from the UK government to make the move since Thursday's invasion. It has held the shareholding in the Russian company since 2013.BP chief executive Bernard Looney has resigned "With immediate effect" from the Rosneft board, as has fellow BP-nominated director Bod Dudley. Mr Looney had been on the Rosneft board since 2020, alongside its chairman Igor Sechin, who is a close friend and ally of Russian President Vladimir Putin. Business Secretary Kwasi Kwarteng spoke to the BP boss on Friday and left him in "No doubt about the seriousness of government concerns about BP's overexposure to Russian interests" according to an official.
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