BP exiting stake in Russian oil and gas company Rosneft

KIFI

Published February 27, 2022 10:51 AM

By DEE-ANN DURBIN
AP Business Writer

BP says it’s exiting its share in Rosneft, a state-owned Russian oil and gas company, in reaction to Russia’s invasion of Ukraine. BP has held a 19.75% stake in Rosneft since 2013. It’s currently valued at $14 billion. The British company also said its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately resign from Rosneft’s board. Looney says he’s been deeply shocked and saddened by the situation unfolding in Ukraine and and it has caused BP to fundamentally rethink the company’s position with Rosneft.

Article Topic Follows: AP National Business

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