Arab Press

بالشعب و للشعب
Thursday, Oct 02, 2025

BP’s ties to Russia draw UK government ‘concern’

BP’s ties to Russia draw UK government ‘concern’

Oil firm holds 22% stake in Rosneft, run by Putin’s de facto deputy, and made $2.7bn profit from arrangement last year
BP has been warned of government “concern” about its involvement in Russia, in a telephone call between business secretary Kwasi Kwarteng and the oil company’s boss Bernard Looney on Friday.

Kwarteng is understood to have spoken to Looney in the light of Vladimir Putin’s invasion of Ukraine, which has increased scrutiny on British business ties to the Kremlin and led to sanctions against Russian firms.

Speaking after the call, a Whitehall source said: “BP left the meeting with no doubt about the strength of the business secretary’s concern about their commercial interest in Russia.”

Kwarteng is believed to be uneasy about BP’s 22% stake in Rosneft, the Russian state oil firm, particularly given its role in providing fuel for the military effort in Ukraine.

The British oil “supermajor” has been deeply entwined with Russia for years and holds two seats on the 11-strong board of the company.

Rosneft is run by Vladimir Putin’s de facto deputy, Igor Sechin, who has been nicknamed Darth Vader due to his fearsome power.

The two firms operate a “strategic partnership” that sees them cooperate on research, as well as on oil and gas projects such as Taas-Yuryakh in Eastern Siberia.

The arrangement is the legacy of a $55bn deal in 2013 that saw the Moscow-based firm take over BP’s joint venture, TNK-BP. In BP’s most recent set of annual results the state oil company contributed $2.7bn in underlying profit to BP’s bottom line last year, up from just $56m the year before, or just over 21% of its bumper $12.8bn profit for the year.

Sources familiar with the situation said Looney and Kwarteng discussed BP’s extensive Russian interests during a call on Friday.

While the UK has imposed a range of sanctions on Russian businesses, including the airline Aeroflot and banks Sberbank and VTB, partnerships involving BP and its UK rival Shell have been unaffected.

BP boss Bernard Looney and his predecessor, Bob Dudley, both sit on the board of Rosneft, which is chaired by former German chancellor Gerhard Schröder.

The relationship has long been mired in controversy: when he was boss of TNK, Dudley fled Russia in 2008 amid fears over his safety and what was described by BP as an “orchestrated campaign of harassment”.

BP has already been under fire for soaring profits and dividends amid an intensifying cost of living crisis, as well as pressure to slash emissions and move away from oil and gas exploration.

BP declined to comment on discussions with the government.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
×