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Rosneft: BP remains the largest private shareholder in Russia

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Russian oil giant Rosneft CEO Igor Sechin said on Saturday that British “BP” remains the company’s largest private shareholder, despite announcing its exit in February after Moscow sent troops. in Ukraine.

A large number of Western companies, including major oil companies, left Russia after the invasion of Ukraine.

Speaking at the St. Petersburg International Economic Forum, Sechin, a longtime ally of Russian President Vladimir Putin, added that BP also still holds stakes in Rosneft’s mega-projects.

“All these actions speak of (the company’s) desire to remain as an active participant in Rosneft and wait for the bad geopolitical situation to end without incurring in real losses, “he said.

Sechin said BP earned $ 36 billion from its businesses in Russia since 2003, in exchange for an investment of 10 billion dollars.

BP said on Feb.27 that it was exiting its 19.75% stake in Rosneft, ending three decades of partnership between them, without saying how it intends to come out.

At the time, Rosneft accounted for about half of BP’s oil and gas reserves and a third of its production.

Sechin said BP’s dividend would be transferred to private accounts without processing. Russia has imposed capital controls and restricted foreign currency transfers abroad to mitigate the impact of sanctions imposed on it due to the invasion.

At the Forum, Sechin also criticized the West for its sanctions policy, saying that giving up Russian oil and gas would be “energy suicide” for Europe.

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