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BP exits partnership with Russian energy company Rosneft
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Oil giant BP announced Sunday it will drop its stake in Russian energy company Rosneft – the latest private severance of relations with Russia as the global superpower invades neighboring Ukraine.
BP, which has held a 19.75% stake in Rosneft since 2013, also said its chief executive, Bernard Looney, will resign from the Russian firm's board, effective immediately. Bob Dudley, a former BP executive, will also resign from Rosneft's board.
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"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," Looney said in a statement. "Our immediate priority is caring for our great people in the region and we will do our utmost to support them."
The company explicitly cited the ongoing Russian attack on Ukraine as the reason for the severance.