Pause operations: company temporarily curtailing operations while keeping return options open

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British Petroleum is a multinational oil and gas company headquartered in London.

Pause operations: company temporarily curtailing operations while keeping return options open

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Revenue(RF), mln.USD
0
Assets(RF), mln.USD
23
Capital(RF), mln.USD
23
Glob.Revenue, mln.USD
210130
Investments, mln.USD
10000
Staff(RF), 2021
1128

BP still hasn't sold its stake in Russian oil giant Rosneft - despite pledging to exit at the beginning of the war. BP still doing business in Russia: Despite announcing in 2022 that they would end their 19.75% shareholding stake and end their business in Russia, BP has yet to do so. On August 16th 2023, Interfax stated:In early 2022, BP said it would withdraw from Rosneft, but so far there have been no reports of the British company selling its stake. In February, Rosneft CEO Igor Sechin said that BP is still a "shadow shareholder", not participating in the work of management bodies, but retaining all rights and dividends. https://interfax.com/newsroom/top-stories/93609/ Russia is still profiting from BP’s continued stake in Rosneft, according to Tom Keatinge, director of the Royal United Service Institute Centre for Financial Crime and Security Studies, via Newstatesman: "Given the extent to which Russia finances are increasingly against the wall due to sanctions, I am quite certain that the Kremlin would feel fully justified in taking the funds that have been left or waived by BP, says Tom Keatinge, director of the Royal United Service Institute Centre for Financial Crime and Security Studies. ...It would be better for BP to take the dividend and then donate that to a Ukraine reconstruction fund, says Keatinge. Then the money would be put to good use rather than either no use, or worse, handed to the Russian state to fund the war." https://www.newstatesman.com/business/2023/02/bp-russian-profits-gone-russia-ukraine On June 6th, 2024, Energy Intel also confirmed that BP still maintains its 19.75% stake in Rosneft. https://www.energyintel.com/0000018f-edb0-d786-af9f-effd7d2d0000

The Company Statement
January 09, 2023

Exiting its $14 billion (20%) stake in Rosneft, the Russian state-controlled oil company. British energy giant BP reported a net profit of $8.2 billion for the first quarter, recovering from a record loss a year earlier as it ended operations in Russia after the Ukraine invasion.

October 30, 2024Why the impact of sanctions against Russian oil is weakening day by day
June 06, 2024BP, Total Stand Alone Among Majors in Russia
February 01, 2024Russian Oil Hits US Shores Under Sanction-Busting Loophole
August 16, 2023Number of Rosneft shareholders grows nearly 4.5 times to 900,000 over two years
August 07, 2023FT estimated the damage to European companies since the beginning of the conflict in Ukraine at €100 billion
August 06, 2023European companies suffer €100bn hit from Russia operations
May 02, 2023BP beats profit forecasts but slows pace of share buybacks
May 02, 2023BP back in Q1 profit after record loss on Russia exit
February 07, 2023Where have BP’s Russian profits gone?
February 07, 2023British energy giant BP posts annual loss on Russia exit
January 22, 2023BP, Siemens and PepsiCo branded ‘hypocrites’ for donating to Ukraine while failing to fully exit Russia
January 04, 2023BP Still In Spotlight Over Incomplete Russia Exit
December 24, 2022BP still hasn't sold its stake in Russian oil giant Rosneft - despite pledging to exit nine months ago
December 18, 2022The European Union has frozen Russian assets totaling 68 billion euros - Politico. This is comparable to the value of BP assets in Russia
August 02, 2022BP announced the amount of losses due to withdrawal from Russia
July 27, 2022bp to exit Rosneft shareholding
March 27, 2022BP to ‘exit’ its $14 billion stake in Russian oil giant in stark sign that Western business is breaking ties over Ukraine invasion
March 27, 2022British BP announced its intention to sell a stake in Rosneft
February 25, 2022BP’s ties to Russia draw UK government ‘concern’
February 08, 2022BP will not enter into new deals to buy oil and gas from Russia
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