BP’s incoming CEO won’t take up Rosneft board seat

Challenges ahead: Looney is taking the helm at BP at a time when oil companies are under pressure from investors to meet the goals of the Paris Climate Agreement and reduce carbon emissions from operations. — Bloomberg

LONDON: Incoming chief executive Bernard Looney will not take up either of BP’s seats on the board of Rosneft when he takes over in February because of the complexity of the relationship with the Russian oil giant, five company sources said.

Under an arrangement between Looney and outgoing chief executive Bob Dudley, Dudley would keep one of the seats when he retires in March, the sources said.