Rosneft to acquire 19.75% of its own stake from BP.

Rosneft, a Russian integrated energy company, agreed to acquire 19.75% of its own stake from BP, an oil and petrochemicals company. Financial terms were not disclosed. “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. We can no longer support bp representatives holding a role on the Rosneft board. The Rosneft holding is no longer aligned with bp’s business and strategy and it is now the board’s decision to exit bp’s shareholding in Rosneft. The bp board believes these decisions are in the best long-term interests of all our shareholders," Helge Lund, bp Chairman.