Equinor, bp Announce Decision to Exit Russia

Equinor, bp Announce Decision to Exit Russia

Both Equinor and bp have announced their decisions to exit and halt work in Russia due to its invasion of Ukraine.

In a press release, Equinor said that its Board of Directors has decided to stop new investments into Russia and to start the process of exiting Equinor’s Russian Joint Ventures. It noted that it will offer a commitment to contribute to funding the humanitarian effort in the region.

“In the current situation, we regard our position as untenable,” Anders Opedal, President and CEO of Equinor, said. “We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values. Our top priority in this difficult situation is the safety and security of our people.”

In another press release, bp revealed that it will exit its 19.75% shareholding in Rosneft. Moreover, bp CEO Bernard Looney has resigned from the board of Rosneft with immediate effect as well as Bob Dudley who was nominated by bp as Rosneft director.

“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink bp’s position with Rosneft,” Looney said. “I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp. Our immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how bp can support the wider humanitarian effort.”

 

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