BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response toRosneft accounts for around half of BP’s oil and gas reserves and a third of its production and divesting the 19.75 per cent stake will result in charges of up to $US25 billion , the British company said, without saying how it plans to extricate itself.
“Russia’s unprovoked invasion of Ukraine must be a wake-up call for British businesses with commercial interests in Putin’s Russia,” Kwarteng said on Twitter. Last week, Looney said that BP was sticking to its Russian business and would comply with any Western sanctions on Moscow. Looney and his predecessor as CEO Bob Dudley will both step down from the board of Rosneft, which BP acquired a shareholding in as part of its $12.5 billion TNK-BP stake sale in 2013.
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