Source: BP doesn’t participate in Rosneft’s AGM

MOSCOW, Jul 4 (PRIME) -- The U.K. energy company BP did not participate in Russian oil major Rosneft’s annual general meeting of shareholders, which was held on June 30 in absentia, according to the materials of the company seen by PRIME and as confirmed by a source familiar with the matter on July 1.

“The number of votes held by the persons who took part in the meeting in respect of the item on the agenda of the meeting: 7,390,684,367 (69.7354% of the number of votes held by the persons who had the right to take part in the meeting) which is more than half of the votes of Rosneft's outstanding voting shares in respect of the item on the agenda of the meeting,” Rosneft's materials read.

About 30% of votes did not take part in the meeting although they had the right to do so. The source confirmed that this number included BP, which owns 19.75% of Rosneft.

“BP did not wish to take part in Rosneft's annual general meeting of the shareholders,” the source said.

At the meeting, the shareholders approved paying a record of 23.63 rubles per share in final dividends for 2021. The combined payout for 2021 will amount to 41.66 rubles per share, or a total of 441.5 billion rubles, which is 50% of the 2021 net profit attributable to shareholders, as calculated under International Financial Reporting Standards (IFRS).

BP announced in late February that it would get rid of its stake in Rosneft because of Russia’s special operation in Ukraine. However, CEO of Rosneft Igor Sechin said in June that BP was still a shareholder and showed rather a desire to stay, having waited out the crisis without any real losses.

(53.7676 rubles – U.S. $1)

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