BP CEO Bernard Looney commits to Russia operations amid Ukraine disaster

Oil and gasoline big BP mentioned Monday that mounting dangers of a Russian invasion of Ukraine are having no affect on its operations throughout the main energy-producing nation.

Talking at an oil and gasoline exhibition convention in Cairo, Egypt, CEO Bernard Looney mentioned the corporate was persevering with with the “enterprise of enterprise” in Russia, even because the Kremlin amasses over 130,000 troops alongside the Ukraine border.

The heightened navy presence provides to hypothesis that Moscow could invade Ukraine in a repeat of its 2014 annexation of Crimea. Russia has denied these allegations.

“We, together with lots of our friends have a big presence in Russia and, fairly frankly, there isn’t any affect on our ongoing operations in Russia,” Looney instructed CNBC’s Hadley Gamble at EGYPS 2022.

Russia is the world’s largest producer of oil and gasoline after the U.S and, as such, holds main sway over world power provides, particularly in Europe.

Looney mentioned he wouldn’t speculate on the result of rising Russia-Ukraine tensions, however the firm would make a judgment name if the scenario escalates.

“We’re sticking with the enterprise of enterprise and let’s examine what’s going to occur within the days, weeks and months forward,” he mentioned.

“If there are penalties similar to sanctions or no matter, then we are going to absolutely adjust to them, ” he added.

BP has had a presence in Russia for over 30 years and is the most important overseas investor within the nation through a 19.75% stake within the nationwide oil firm Rosneft.

BP’s CEO has beforehand praised Russia’s resolve on points necessary to them.

“Once they have an agenda, they have a tendency to get issues accomplished,” Looney mentioned on Monday.

Talking in reference to Rosneft’s environmental agenda, he mentioned it had Russia’s backing to fulfill its purpose of reaching net-zero emissions by 2050.

“They’ve a really clear setting and emissions plan. They’re very dedicated to it.”