Bernard Looney, chief executive of the British group BP, will step down with immediate effect from board Russian
THE big of the Petroleum run away from fly: the British major Bp announced that it will divest its 19.75% stake in oil giant of Russian state Rosneft, which it had held since 2013: the stake is currently valued at $ 14 billion. In the same vein, the Norwegian energy giant Equinor: will cease its investments in Russia and will withdraw from its joint ventures in the country, following the invasion of Ukraine by the army of Fly. 67% controlled by the Norwegian state, Equinor had at the end of 2021 a assets of 1.2 billion dollars in Russia, linked to a partnership with the oil group Rosneft from 2012.
“In the current situation, we consider our position to be unsustainable,” said the Norwegian company’s chief executiveAnders Opedal, in a press release. “We will cease all new investments in our Russian operations and we will begin the process of exiting our joint ventures in a way that is consistent with our values, “he added. Norwegian company produces about 25,000 barrels of oil equivalent to a day in Russia, a fraction of its total production which is around 2 million barrels per day.
“We are all deeply troubled by theinvasion of Ukrainewhich represents a terrible setback for the world, and we think of all those who are suffering from the military operation, “he said Opedal. There Norway is not a member of the European Uniona but has applied the same EU sanctions against Russia since the beginning of crisis in Ukraine. The Norwegian government also announced yesterday that the country’s sovereign wealth fund would completely disengage from Russia, where at the end of 2021 it had € 2.5 billion in stocks and bonds.
The CEO of Bp Bernard Looney who in a note stressed: “Like many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to all those affected. It made us fundamentally rethink BP’s position with Rosneft.”
“Bp it has come under unprecedented pressure from both the regulator and its shareholders. The decision of the Bp it was preceded by a Western media campaign full of false reports and conclusions, “he said Rosneft in a statement on its website, translated by The Associated Press. “The decision of the largest minority shareholder of Rosneft destroys the successful 30-year cooperation of the two companies. ”
(Following are the energy repercussions on a global level ….)
#Ukrainian #war #big #oil #companies #fleeing #Moscow #BPEquinor #leave #Rosneft