Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Ukraine conflict: BP under pressure to sell stake in Russian firm

Ukraine conflict: BP under pressure to sell stake in Russian firm

Oil giant BP is under pressure from the UK government to offload its 20% stake in the Russian state-owned oil firm Rosneft, the BBC has been told.

Business Secretary Kwasi Kwarteng spoke to BP boss Bernard Looney on Friday following Russia's invasion of Ukraine.

He "left Mr Looney in no doubt about the seriousness of government concerns about BP's overexposure to Russian interests", an official said.

BP has said it is "closely watching the concerning developments" in Ukraine.

Mr Looney and former BP chief executive Bob Dudley have a seat on Rosneft's board alongside its chairman Igor Sechin, who is a close friend and ally of Russian President Vladimir Putin.

UK government officials hinted a disposal of BP's stake in Rosneft looked like the only plausible option to remedy a "deeply unsatisfactory" arrangement.

BP has owned the stake in Rosneft for more than a decade.

The PA News agency reported Mr Looney was in Russia as recently as October, when he appeared on a panel with Mr Putin, which he later described as a "privilege".

BP's final year results, published two weeks ago, revealed Rosneft accounted for $2.7bn (£2bn) of its profits, about a fifth of its total.

Mr Looney said at the time Russia was "a large member of the energy system. We avoid the politics, that serves us well in many countries around the world".

BP admitted last year sanctions on Russia could be problematic for its business and this week western allies have imposed a series of economic sanctions on Russia.


BP's 20% stake in a company majority-owned by the Russian state was always uncomfortable and Russia's invasion of Ukraine has led the government to think it untenable.

The boss of BP sits on a board with close Putin friend and ally, Rosneft Chairman Igor Sechin and other sanctioned board members.

Sources close to the Business Secretary Kwasi Kwarteng suggested selling the stake seems the only palatable solution.

It's proved a valuable stake for BP as oil prices have risen and it contributed nearly $3bn to BP profits last year.

It is a stark example of a grim paradox. The higher oil and gas prices rise, the more the countries that are dependent on Russian energy provide the fuel for the very war machine they are trying to stop.

In response to questions about Russia's invasion of Ukraine, BP said: "We are doing all we can to monitor the fast-changing situation.

"We are accounting for all our team and will continue to support them and provide any help they need.

"BP will, of course, comply with all relevant sanctions."

Following the invasion on Thursday, oil prices surged past $100 (£74) a barrel to hit their highest level for more than seven years.

Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter.

Europe gets nearly a third of its oil and about 40% of its gas from Russia, much of it flowing through pipelines across Ukrainian territory.

Concerns remain that sanctions could constrict supplies and drive up prices worldwide.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×