Bp defends rosneft stake in energy transition

摘要

The Covid-19 oil price slump has caused BP to double down on divestments amid its energy transition strategy, but the company continues to defend its 19.75pc holding in Russian state-controlled Rosneft, despite plans to reduce its own oil and gas output and ramp up renewable energy investment. The Rosneft stake “fts within our portfolio”, BP chief executive Bernard Looney insists. Looney has answered questions repeatedly about the major’s shareholding in Rosneft since taking up his post in February last year and unveil- ing ambitious plans for a lower-carbon future, including cutting BP’s oil and gas production by 40pc and sharply reducing emissions.