bp's decision to quit Rosneft shareholding 'destroys 30-year cooperation': Rosneft

By Sibel Morrow

ANKARA (AA) - bp's decision to exit its 19.75% shareholding in Russian oil giant Rosneft over Russia's military attack on Ukraine has destroyed the successful, 30-year-long cooperation of the two companies, Rosneft said in a statement on Monday.

The company said that it was informed of bp's decision on Sunday.

Rosneft stressed that bp, the largest minority shareholder, has come under unprecedented pressure from both the regulator and its shareholders, resulting in the decision to withdraw.

bp confirmed its Chief Executive Officer Bernard Looney and former bp Group Chief Executive Bob Dudley will also resign from the board of Rosneft with immediate effect.

Looney has held the position of director of Rosneft as one of two bp-nominated directors since 2020 while Dudley has been a director of Rosneft since 2013.

The situation in Ukraine caused bp to fundamentally rethink the company's position with Rosneft, Looney said.

"I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp," he added.

Later, Norway's energy giant Equinor followed suit and announced its decision to pull out of Russia following bp's decision.