11:54 - 28.02.2022

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February 28, Fineko/abc.az. BP (UK) has announced that it is getting rid of a 19.75% stake in Russian company Rosneft because of the war in Ukraine.

"BP has had a 19.75% stake in Rosneft since 2013. In addition, BP executive chief Bernard Looney is leaving the Rosneft Board of Directors immediately. Another director of Rosneft nominated by BP, the former head of the company Bob Dudley, is also resigning from the Board of Directors," the company’s statement says.

In light of this decision, the company will no longer report to Rosneft about the volume of its reserves, production and profits, and will also withdraw from other joint projects with the Russian company.

"Like many, I was deeply shocked and upset by the unfolding situation in Ukraine, my heart is with all those affected by it. This forced us to fundamentally reconsider BP's relationship with Rosneft. I’m convinced that the decisions taken by the board are not only correct, but also in line with BP's long-term interests. Our primary goal is to take care of our wonderful people in the region, and we’ll do everything possible to support them. We’re also exploring possibilities as to how BP can contribute to broad humanitarian efforts," Looney said.