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Oil giant BP will sell off its 19.75% stake in Russia’s state-owned oil company, Rosneft, according to a news release. declare From the company.

“The BP Board of Directors today announced that BP will withdraw its stake in Rosneft. BP has held a 19.75% stake in Rosneft since 2013,” the statement published on Sunday said.

CEO Bernard Looney will also immediately resign from Rosneft’s board, according to the statement.

The British company has faced calls from the British government to reduce its ownership stake following Russia’s invasion of Ukraine.

Looney said he was “like many” others “deeply shocked and saddened by the situation unfolding in Ukraine,” which has prompted the company to “fundamentally rethink BP’s stance on Rosneft.” “.

“I believe the decisions we have made as a board are not only the right thing to do, but are in the long-term interest of BP,” the CEO added.

BP President Helge Lund added that “Rosneft holdings no longer align with BP’s strategy and business.”



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