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- As a result of the resignations of bp’s nominated directors, bp has determined that it no longer meets the criteria set out under International Financial Reporting Standards (IFRS) for having “significant influence” over Rosneft. bp will therefore no longer equity account for its interest in Rosneft, treating it now as a financial asset measured at fair value.
www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/news-and-insights/press-releases/bp-to-exit-rosneft-shareholding.pdf
Feb 27, 2022 · As bp now is exiting its interest in Rosneft, it has removed Rosneft dividend payments from its financial frame. However, bp remains confident in the flexibility and resilience of its financial frame, underpinned by an average 2021-25 cash balance point of around $40 per barrel 2 .
- Ukraine Response
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- bp’s position in Russia
On 27 February 2022, bp’s board decided that bp would exit...
- Ukraine Response
Dec 9, 2022 · On 27 February 2022, bp’s board decided that bp would exit its 19.75% shareholding in Rosneft and its other business in Russia. bp was the first international company to announce such an exit. That decision remains unchanged and bp has no intention of returning to business as usual in Russia.
Mar 9, 2022 · Rosneft, in its post-publication comments, cited two media interviews by Looney in 2021 in which he said that Rosneft's current per barrel emissions were lower than those of BP.
Feb 27, 2022 · LONDON, Feb 27 (Reuters) - BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most...
Feb 27, 2022 · BP said Sunday it is exiting its share in Rosneft, a state-controlled Russian oil and gas company, in reaction to Russia’s invasion of Ukraine. BP has held a 19.75% stake in Rosneft since 2013. That stake is currently valued at $14 billion.
- ddurbin@ap.org
- Business Writer
Feb 27, 2022 · BP said it would also exit three other joint ventures with Rosneft, potentially bringing an end to a lucrative, if often contentious, 30-year relationship between BP and Russia.
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Feb 27, 2022 · BP says it will exit its 19.75% shareholding in Rosneft (OTCPK:RNFTF), and CEO Bernard Looney and former CEO Bob Dudley will resign from the Russian oil company's board.
