Rosneft was informed in advance by BP of decision to exit stake in Rosneft, to quit joint projects

MOSCOW. Feb 27 (Interfax) - BP informed Rosneft in advance that it would exit its stake in the Russian company and would withdraw from a number of joint projects, Rosneft said in a statement.

"Rosneft was notified by the BP management well in advance regarding the decision to exit BP's shareholding in the company and a number of joint projects. Detailed negotiations on this issue were held with BP CEO Bernard Looney and chairman of the BP board Helge Lund," Rosneft said.

The Russian company noted Rosneft's significant role for BP - "dividends of $640 million in 2021, and the company's share of 47% in BP's overall reserves."

"We thank the management and staff of BP for this 30-year-long joint work. Rosneft is always open to cooperation," the company said.