1st Mar 2022 21:17
(Alliance News) - Glencore PLC on Tuesday said it is reviewing its business activities in Russia, including its holdings in energy and metals company En+ Group PLC and oil firm Rosneft.
Glencore currently holds a direct equity stake of 0.6% in Rosneft and an 11% holding in En+, the majority owner of aluminium producer Rusal.
"Glencore condemns the actions taken by the Russian government against the people of Ukraine. We have no operational footprint in Russia and our trading exposure is not material for Glencore," the company stated.
On Sunday, oil major BP PLC announced its decision to exit its near 20% stake in Russia's oil producer Rosneft.
In addition, on Monday, Shell PLC said it will exit its joint ventures with Russian energy giant PJSC Gazprom and also its involvement with the Nord Stream 2 pipeline project, following Russia's invasion of Ukraine.
Shares in Glencore closed 0.4% higher at 444.06 pence on Tuesday in London, while its Johannesburg shares were down 0.2% at ZAR91.09.
By Dayo Laniyan; [email protected]
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