BP has decided to exit its 19.75% stake in Rosneft that it acquired in 2013, considering that holding a stake in the Russian state-owned company is no longer aligned with its business and strategy. BP will also withdraw from its other activities with Rosneft in Russia, including a stake in three joint ventures with a carrying value of around US$1.4bn at year-end 2021. Rosneft produced 4,985 kboe/d of hydrocarbon in 2021 (-3.9%), including 3,905 kb/d of liquids (-5.7%) and 1,080 kboe/d of gas (+3.3%), processed 106.1 Mt of crude oil at its refineries (+2.1%), and sold 117.1 Mt of crude oil in 2021 (-2.9%) and 100.3 Mt of petroleum products (-1%).
In addition, the Norwegian state-owned oil and gas company Equinor has decided to stop new investments in Russia and to exit its joint ventures in Russia. Equinor has been active in Russia for over 30 years, holding US$1.2bn in non-current assets in the country at the end of 2021. It had also entered a cooperation agreement with Rosneft in 2012.