Language
- Chinese
- Русский

NEWS CENTER

Home page

2022

BP Announces Withdrawal of Stake in Russian Oil Company

On February 27 local time, BP, a British oil company, announced that it would sell 19.75% of the shares of Rosneft, a Russian oil company. At the same time, Bernard Rooney, the CEO of BP, and Bob Dudley, another director, will resign from the board of Rosneft together, which takes effect immediately. This means that BP's 30-year business in Russia has suddenly "failed", and the cost is high. This is also the most important measure taken by Western enterprises so far to respond to the conflict between Russia and Ukraine.

With the escalation of the Russian Ukrainian conflict, the oil giant has been under pressure from the British government to take action. It is reported that on the 25th, British Business Secretary Kwasi Kwarten had a telephone conversation with BP CEO Bernard Rooney for more than 20 minutes.

"BP has operated in Russia for more than 30 years and cooperated with outstanding Russian colleagues. However, this military action represents a fundamental change," said BP Chairman Helg Lund in a statement

BP is the largest foreign investor in Russia. At the time of the escalating crisis between the West and Moscow, the rapid withdrawal of BP marked the dramatic withdrawal of the company from its most important long-term overseas business. This will also draw attention to other Western companies with business in Russia, including Total Energies, a French oil company, and Shell, the world's second largest oil company.