BP has a risk with Rosneft: sanctions against Russian company may have an impact on business of the British one
The largest private shareholder of Rosneft - British BP - fears for the impact on its business of the U.S. sanctions against Russia and the oil company. Today it has no problems, although one of its assets - the Ruhr Oel refinery in Germany, which it owns on a parity basis with Rosneft – fell under the sanctions. At the same time the British company doesn’t believe that it will face problems due to decision of the arbitration court which acknowledged the expropriation of Yukos in the interests of Rosneft and the state. Analysts believe that any possible actions on the arrest of assets won’t concern the BP’s shares.
The British BP, which owns 19.75% of Rosneft’s shares, thinks that the sanctions against Russian companies and the Russian Federation may affect its business too. "If further international sanctions are imposed on Rosneft or Russia, it could have a significantly adverse effect on our relationship, our business and our strategic objectives in Russia, on our financial condition and the results of operations," – BP’s report for the second quarter says. The Ruhr Oel refinery in Germany, in which BP and Rosneft have 50% each, have already fallen within the scope of the sanctions. But BP assures that "they won’t have a strong impact".