BP under pressure to abandon stake in Russia’s Rosneft

BP under pressure to abandon stake in Russia’s Rosneft

BP is under renewed pressure to abandon its stake in the oil giant Rosneft after Boris Johnson said Britain must reduce its reliance on Russian hydrocarbons. The FTSE 100 oil firm has held a 20pc stake in Russia's state-owned gas company Rosneft for 10 years. The gas giant is run by Vladimir Putin's close friend and ally Igor Sechin. BP's chief executive Bernard Looney sits on Rosneft's board alongside Mr Sechin. The stake has drawn fresh criticism from MPs amid Russian aggression in Ukraine . Liz Saville-Roberts, Plaid Cymru MP for Dwyfor Meirionnydd, asked the Prime Minister this week whether the Government would consider forcing UK companies to end their Russian relationship. She said: "We must now hit Putin where it hurts. As of this morning, BP's website proudly proclaims that it is 'one of the biggest foreign investors in Russia', owning nearly 20pc of Russia's oil giant, Rosneft. "Rosneft also has a secondary holding in London. Will the Prime Minister commit to imposing legally mandated divestment by UK firms in Russia, and if not now, when?" Mr Johson replied: "We have to recognise the lesson of 2014, which is that we have to move away from a dependence on