BP chief executive Bob Dudley believes the British supermajor can act as a ‘bridge’ in easing tensions between Russia and Western Europe over the Ukraine crisis.
The oil giant has a stake in state-owned Russian producer Rosneft following the sale of the TNK-BP joint venture last year.
But as tensions mount between west and east over the Crimea annexing, with sanctions being threatened against Russia by Europe and the USA, Dudley said the firm could help bring the parties together.
“We have a unique position with Rosneft in Russia, a position that gives us nearly a fifth of the world’s largest publicly traded oil company operating in a country with massive reserves and massive potential,” he told the company’s AGM in London today.
“Clearly the situation in Ukraine is currently the focus of world attention.
“We will seek to pursue our business activities, mindful that the mutual dependence between Russia, as an energy supplier, and Europe, as an energy consumer has been an important source of security and engagement for both parties for many decades.
“I think we play an important role and a bridge.”
Russian output is a key part of BP’s oil production, with more than a quarter of its overall output and a third of the company’s hydrocarbon reserves.
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