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Ukraine Crisis

BP, Equinor exiting Russian investments

Photo - Ole Jørgen Bratland - Copyright - Equinor Anders Opedal, CEO of Equinor.
Anders Opedal, CEO of Equinor.
Energy companies are moving to exit their Russian investments in response to the Ukraine conflict.

BP is to exit the 19.73% shareholding it has in Rosneft and its CEO Bernard Looney is resigning from the Russian company’s board as is former bp group chief executive Bob Dudley, who is nominated by BP.

“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. bp has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the bp board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue,” said BP chair Helge Lund.

BP said it was also exiting its other businesses in Russia.

Norway’s Equinor is also stop to new investments in Russia and start the process of exiting its existing joint ventures.

Equinor has been in Russia for over 30 years and entered a cooperation agreement with Rosneft in 2012.

“In the current situation, we regard our position as untenable. We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values. Our top priority in this difficult situation is the safety and security of our people,” said Anders Opedal, President and CEO of Equinor.

Equinor’s investments in Russia include the Kharyaga field oil field development; a 33.33% share in Sevkomneftegaz, a joint venture with Rosneft: and a 49% stake in a joint venture company running a three-year pilot programme to assess the potential for commercial production from the Domanik limestone formation in the Samara region.