27 Oct 2022 11:10

Rosneft CEO Sechin: BP remains 'shadow' shareholder in Rosneft, retains all rights and corresponding dividends package

BAKU. Oct 27 (Interfax) - BP remains a "shadow" shareholder in Rosneft and retains all of its rights and corresponding dividends package, Rosneft CEO Igor Sechin said at the XV Verona Eurasian Economic Forum in Baku, Azerbaijan.

"As a side note, I would like to inform my esteemed colleagues that despite the vivid statements from BP's board of directors on February 27 of this year regarding the decision to terminate participation in Rosneft's equity capital, the company has not adhered to the decision. Despite all the rhetoric, BP remains, I would say, a 'shadow' shareholder; does not participate in the operations of the company's management bodies; and retains all its rights and corresponding dividends package. Taking this opportunity, I would like to convey to our friends from BP that the dividends to which they are entitled for the second half of 2021, totaling $700 million, have been transferred to the accounts opened for them," Sechin said.

Sechin noted that joint projects continue to be successfully implemented.

"Despite the lack of financing from the partner, we launched the large Kharampur gas project exactly on schedule in September, thus allowing us to boost the company's production by 11 billion cubic meters [of gas] per year."

"Let me reiterate that BP's income from participating in the equity capital and joint ventures with Rosneft has totaled $37 billion, with total cash investment of about $10 billion. This is an excellent return on invested capital," Sechin stressed.