October 10, 2018 / 9:01 AM / a month ago

BP CEO - Rusal-like sanctions on Rosneft would shut Europe energy system

Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls

LONDON (Reuters) - BP (BP.L) Chief Executive Bob Dudley said if the United States imposed sanctions on Russian energy firms Gazprom (GAZP.MM) and Rosneft (ROSN.MM) such as it did on aluminium producer Rusal (0486.HK), it would virtually shut down Europe’s energy systems.

BP is the second-biggest shareholder in Rosneft at 19.75 percent.

Speaking on Wednesday at an Oil and Money conference in London, Dudley added that BP was planning on a cycle of oil prices LCOc1 at $60-$65 a barrel.

Reporting by Ron Bousso, Shadia Nasralla, Dmitry Zhdannikov; editing by Jason Neely

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