The abrupt divorce is another sign of the uncertainty Russia’s invasion has created in the energy industry, which experienced wild swings in oil and gas prices last week as the attack began. BP’s 19.75 percent stake in Rosneft accounted for a third of the British company’s oil and gas production and more than half of its reserves.
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“Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue,” BP chair Helge Lund said in a statement Sunday.
The announcement marks the end of one of the Western world’s largest investments in Russia, seen as so…