Business
Bp Sticks With Russian Business, CEO Looney Says
Published by maria gbaf
Posted on February 15, 2022
1 min readLast updated: February 9, 2026
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Company
Published by maria gbaf
Posted on February 15, 2022
1 min readLast updated: February 9, 2026
Add as preferred source on GoogleCAIRO (Reuters) – BP is sticking with its Russian oil and gas business, which has so far been unaffectd by simmering tensions between Russia and the West, Chief Executive Bernard Looney said on Monday.
CAIRO (Reuters) – BP is sticking with its Russian oil and gas business, which has so far been unaffectd by simmering tensions between Russia and the West, Chief Executive Bernard Looney said on Monday.
BP is the largest foreign investor in Russia with a 19.75% stake in the country’s national oil company Rosneft. It also holds stake in several other oil and gas projects in the country.
“Quite frankly, there is no impact on our ongoing operations in Russia and we are sticking to the business,” Looney said at a conference in Cairo.
He added that BP will comply with any western sanctions on Moscow.
(Reporting by Maha El Dahan and Nafisa Eltahir; Writing by Ron Bousso; Editing by David Goodman)
BP, or British Petroleum, is a multinational oil and gas company headquartered in London, known for its operations in oil exploration, production, and refining.
A foreign investor is an individual or entity from one country that invests in assets or businesses in another country, often seeking to gain returns on their investment.
The oil and gas industry encompasses the exploration, extraction, refining, and distribution of oil and natural gas, playing a crucial role in the global economy.
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