bp rosneft

BP Commits to Rosneft Despite Sanctions

MOSCOW - British energy group BP (IW 1000/4) said on Monday it remained committed to its investment in Rosneft (IW 1000/38) despite new sanctions imposed by the United States against the Russian oil giant's chief executive Igor Sechin.

The powerful head of Russia's largest oil company was one of seven senior officials named on a new list of US punitive measures aimed at punishing President Vladimir Putin's stance on Ukraine.

Rosneft itself did not face any new restrictions. Washington's measure freezes any holdings Sechin might have in the United States and bars him from entering the country.

BP said that it was studying what impact the U.S. announcement might have on its 19.75%  holding in the state-held company.

"We remain committed to our investment in Rosneft and intend to remain a successful long-term investor in Russia," the British firm said in a statement quoted by Russian news agencies.

"We are studying today's announcement in order to understand what exactly it might mean for BP."

The British group boosted its holding in Rosneft after selling its half in the TNK-BP joint venture to the Russian firm last year.

The deal left BP head Robert Dudley holding a non-executive seat on the Rosneft board.

Copyright Agence France-Presse, 2014

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