BP refuses to remain with Russian energy company; Biden, not so much

While alleged President Joseph Robinette Biden (D) continues to buy oil from Russia, British Petroleum (BP) has exited its partnership with the Russian energy company Rosneft because the British, at least, have the integrity and morality to refuse to do business with a bloody dictator who invaded Ukraine. Joe Biden, not so much--perhaps he would lose too much money if he had the country go elsewhere for our oil and gas.

Red Apple Group Chairman and CEO John Catsimatidis argues that Biden releasing oil from reserves is the ‘dumbest thing’ he’s ever heard. 

Are you surprised?

Oil giant BP announced Sunday that it's dropping its stake in Russian government owned Rosneft. This is the latest in private companies cutting ties with Russia as the tyrannical nation led by dictator Vladimir Putin, invades nearby Ukraine without provocation.

BP holds a 19.75% stake in Rosneft since 2013. The company also said its chief executive, Bernard Looney will resign from the Rosneft's board, effective immediately and Bob Dudley, a former BP executive, will also resign.

"I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp," Looney said in a serious statement. "Our immediate priority is caring for our great people in the region and we will do our utmost to support them."

The company unequivocally cited the ongoing Russian attack on Ukraine as the reason for the severance.

"Russia’s attack on Ukraine is an act of aggression which is having tragic consequences across the region," BP chairman Helge Lund said. "BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change."

Hopefully tomorrow, when Russian citizens go to their ATMs and the banks to draw out money, they will realize how inflated their currency has become.

"We can no longer support BP representatives holding a role on the Rosneft board," Lund said. "The Rosneft holding is no longer aligned with BP’s business and strategy and it is now the board’s decision to exit BP’s shareholding in Rosneft. The BP board believes these decisions are in the best long-term interests of all our shareholders."

BP thus acknowledged that relations with Rosneft, a government-run company, directly benefited the Russian government and they want no part of that.

Kwasi Kwarteng, the U.K.'s business and energy secretary, praised the move by BP in a tweet on Sunday.

* * *

For more hard-hitting content, subscribe to Brain Flushings and check out the ads on these pages. It costs nothing to subscribe and it's worth every penny. And remember, every time you click on an ad, you help in the fight against global warming, the heebie-jeebies and COVID-19.

* * *

"Russia’s unprovoked invasion of Ukraine must be a wake up call for British businesses with commercial interests in Putin’s Russia," he said.

Kwasi got lots of "likes" for that one and a bunch of new follows.

Tweet