BP remains a “shadow shareholder” of the Moscow-based firm, Igor Sechin reveals
UK oil major BP continues to hold a stake in Russia’s Rosneft despite its announcement in February that it was divesting from the company, Rosneft CEO Igor Sechin disclosed on Thursday.
“I would like to inform our esteemed colleagues that despite the heated statements by BP’s board of directors on February 27 that it decided to divest itself of Rosneft, the company has failed to do so. And despite all the rhetoric, it continues to be, I would say, a shadow shareholder,” Sechin said in his speech at the Verona Eurasian Economic Forum in Baku.
According to Sechin, BP does not participate in the work of the company’s governing bodies but retains all rights and dividends corresponding to its stake. He also noted that BP recently received $700 million in dividends for the second half of 2021.
Sechin noted that BP’s total income from equity and joint ventures with Rosneft amounts to $37 billion, with an investment of $10 billion, which is “excellent compensation” for the investment of capital for the British firm, he noted.
BP announced the sale of its 19.75% stake in Rosneft back in February, along with the withdrawal from its three joint ventures with the company in Russia. This happened after BP was reportedly criticized for its continued links with Russia amid Western condemnation of Moscow’s military operation in Ukraine.
According to media reports at the time, some UK politicians demanded that BP sell its stake in Rosneft. In March, BP also announced that it would not conclude new contracts on the purchase of Russian oil and gas, but indicated that it was ready to make an exception in case of a threat to supply security. In May, the company reported a loss of $20.38 billion for the first quarter of 2022, citing the decision to withdraw from Rosneft and other Russian projects.
BP is Rosneft’s largest foreign shareholder. Other stakeholders are Russia’s Rosneftegaz, two Rosneft subsidiaries, and Qatar-based QH Oil Investments.
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