War in Ukraine: BP's surprise move leaves Russian oil giant Rosneft with a 20% stake

BP Plc will leave its stake in Russia's largest oil company Rosneft PJSC, potentially receiving a financial blow of up to $ 25 billion.

The startling move by the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine. "BP" has been in Russia for three decades and just weeks ago was resolutely defending its presence.

Development raises many questions. BP did not say whether it planned to sell approximately 20% of its shares in Rosneft, or simply leave. Any potential buyer will have to navigate a tightening net of economic sanctions that would make any transaction extremely difficult. BP said it would no longer count on its share of oil and gas reserves, production and profit from its shares in Rosneft. CEO Bernard Looney will also resign with immediate effect from the board of the Russian company, as will his predecessor Bob Dudley.

"BP" has been under pressure from the UK government over its shares in the Russian oil company, just as Western countries are trying to cause as much economic pain in Moscow for its occupation of Ukraine. Looney was summoned by UK Business Minister Keasi Carteng to explain the company's links last week. Carthage welcomed the move on Sunday.

The move - and the accompanying tariff - could come as a shock to investors on Monday: BP shares have risen 15% this year, backed by rising oil prices even as pressure mounted on the company over its ties to Russia. . While BP reports its share of Rosneft's production, reserves and profits for accounting purposes, it receives only one dividend payment from the Russian company. Last year, the main London-based company received $ 640 million in two payments from Rosneft. BP has no direct shares in any of Rosneft's fields nor does it have physical access to the hydrocarbons it produces.

 “Ky veprim ushtarak paraqet një ndryshim thelbësor. Kjo ka bërë që bordi i BP të konkludojë, pas një procesi të plotë, se përfshirja jonë me Rosneft, një ndërmarrje shtetërore, thjesht nuk mund të vazhdojë," - tha kompania në një deklaratë.

Gjigandi britanik i energjisë "BP" njoftoi të dielën se po shkarkonte 19.75% të aksioneve të tij në "Rosneft", një kompani nafte e kontrolluar nga Rusia.

"BP" ka punuar në Rusi për më shumë se 30 vjet, por pushtimi rus i Ukrainës e ka detyruar kompaninë të rivlerësojë aksionet e saj.

"Ky veprim ushtarak përfaqëson një ndryshim thelbësor," tha në një deklaratë kryetarja e "BP", Helge Lund. "Kjo ka bërë që bordi i 'BP' të konkludojë, pas një procesi të plotë, se përfshirja jonë me 'Rosneft', një ndërmarrje shtetërore, thjesht nuk mund të vazhdojë."

"BP" ishte përballur me presion të madh nga qeveria britanike për të hequr dorë nga aksionet e saj në kompani, raportoi "The wall Street Journal" javën e kaluar. Zyrtarët britanikë po akuzonin 'Rosneft' për nxitjen e avancimit të Kremlinit në Ukrainë, tha gazeta. Sekretari i biznesit në Mbretërinë e Bashkuar, Kwasi Kwarteng, i cili thuhet se mbajti një bisedë javën e kaluar me "BP", tha në TWitter se e mirëpret vendimin e kompanisë.

"Russia's unprovoked invasion of Ukraine should be a wake-up call for British businesses with commercial interests in Putin's Russia, " Kwarteng said.

Rosneft has contributed about a third of BP's oil and gas production, according to the Journal. As a result of its shareholding, BP said it expects to report a cash-free material fee with its first-quarter 2022 results in May.

Source: CNBC & Bloomberg