Business

British Power to Exit its Stake in Russia-Owned Rosneft After Pressure from UK

The company ‘British Power’ is going to exit the stake in Rosneft, an oil company owned by Russia just after coming under the pressure from the government of the United Kingdom over involvement of the company with the country of Russia.

On Sunday, 27^th February 2022 announced that, it had been offloading the company’s 19.75 percent voting stake in the company ‘Rosneft’, which has been noting the invasion of Russia of Ukraine has been representing a fundamental change in the relations with the country of Russia, and the value of the stake had been estimated at around 14 billion dollars at the end of the year 2021, and it has been unclear who the British Power will be selling it to.

Bernard Looney, chief executive of British Power is also going to resign from the board of Rosneft along with the immediate effect, and the former head of British Power has also resigned from the board.

Helge Lund, chairman of British Power said that, the attack of Russia on Ukraine has been an act of the aggression that is having some tragic consequences across the region, and the company ‘British Power’ has also been operating in the country of Russia for more than 30 years along with working with some of the best colleagues in Russia.

Sandy B

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