BP is set to miss out on a £600m dividend after cutting ties with Rosneft
BP is set to miss out on a £600m dividend after cutting ties with Rosneft, the Daily Mail can reveal. Details of the Russian oil giant’s record dividend were announced to the market yesterday.
It would have guaranteed the British energy firm an eye-watering return on its 19.75pc stake in the business. BP’s decision to split with Rosneft means it is unlikely to receive any cash from the Kremlin-backed business, particularly as payment would need the approval of Vladimir Putin.
It is also unclear as to whether BP would welcome funds from Russia’s leading oil producer, which many would find ‘unpalatable’.
Chief executive Bernard Looney, pictured, initially sought to defend BP’s Russia connections, but caved to public scrutiny shortly after Russia’s invasion of Ukraine.
The ditching of its stake coincided with Looney resigning from Rosneft’s board. Danni Hewson, analyst at investment platform AJ Bell, said the prospect of payment is unlikely.
The fact it so publicly announced it was severing ties with Russia meant ‘that won’t endear the company to the Kremlin, despite years of doing business in the country’, she said.
A BP spokesman said it was aware of Rosneft’s dividend announcement. Rosneft reported a record-high annual dividend despite Western sanctions, taking its total annual payment to shareholders to just over £5bn. A vote on the firm’s dividend payments, which are calculated at 28p a share, will be held at the company’s next shareholder meeting.
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