Wednesday, April 17, 2024

BP to Exit 20% Stake in Russia’s Rosneft

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BP is exiting its stake in Russian oil company Rosneft, and two representatives are resigning from Rosneft’s board.

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Russia’s aggressions in Ukraine prompted reactions from companies such as BP and United Parcel Service as well as Norway’s sovereign wealth fund as the world continues to raise pressure on President Vladimir Putin.

British oil giant BP said Sunday it would exit its nearly 20% stake in Russian oil company Rosneft and that its CEO Bernard Looney would resign immediately from Rosneft’s board.

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