BP sticks with Russian business, CEO Looney says

BP (LON: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.