Make BP quit Russia, Lib Dem peer Lord Teverson urges Bank boss Carney

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Make BP quit Russia, Lib Dem peer Lord Teverson urges Bank boss Carney

  • Lord Teverson is concerned about BP’s £9.8bn stake in oil and gas giant Rosneft 
  • Tensions between Rosneft and US could damage BP’s ability to pay dividends 
  • BP dividends are relied upon by major pension funds

By Harriet Dennys For The Mail On Sunday

Published: | Updated:

A Lib Dem peer has called on Bank of England boss Mark Carney to put pressure on BP to sell its Russian energy stake.

Lord Teverson last week wrote to Carney to express his great concern about BP’s $12.6billion (£9.8billion) stake in oil and gas giant Rosneft.

He said sanctions imposed by the US over Rosneft’s trading arm’s alleged support for Venezuelan president Nicolas Maduro were posing a risk to ‘financial stability’.

Lord Teverson wants BP to sell its 19.75% stake and invest the proceeds in renewable energy

Lord Teverson, chairman of the House of Lords EU sub-committee for Energy and Environment, wrote that escalating tensions between Rosneft and the US could damage BP’s ability to pay dividends which are relied upon by major pension funds.

He wants BP to sell its 19.75 per cent stake and invest the proceeds in renewable energy.

BP finance chief Brian Gilvary recently said his company still sees the stake as ‘a very important relationship’.

 

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