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Feb 28, 2022 · Of the oil majors still operating in Russia, Total has the most commercial exposure now BP has decided to dump its 19.75 per cent stake in Rosneft and Shell is moving to end its partnerships with ...
- Neil Hume
Feb 27, 2022 · Looney and his predecessor as CEO Bob Dudley will both step down from the board of Rosneft, which BP acquired a shareholding in as part of its US$12.5 billion TNK-BP stake sale in 2013. BP held a board meeting on Friday and another on Sunday where the decision to quit Rosneft, as well as two other joint ventures BP has with Rosneft in Russia, was taken, a spokesperson for the company said.
bp’s two nominated directors immediately stood down from Rosneft’s board, and international staff were withdrawn from Russia. We took $24.4 billion charge to accounts in the first quarter, and removed Rosneft earnings, production and reserves from our reporting.
In particular, the following, among other statements, are all forward looking in nature: bp’s intention to exit its 19.75% shareholding in Rosneft and other interests in Russia; the non-cash adjusting item charge expected to be recorded at the time of the first quarter 2022 results, representing the difference between the fair value of bp’s Rosneft shareholding at 31 March 2022 and the ...
Dec 9, 2022 · bp is exiting Russia. 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. bp has no operations in Russia.
Feb 27, 2022 · After a decade of stormy relations among the partners, BP sold its share in the joint venture to Rosneft in 2013 for $12.5 billion in cash plus the 19.75 percent stake Rosneft."(The New York Times)
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Mar 9, 2022 · Within three days of Looney's summoning his team, BP announced it was abandoning its Rosneft stake at a cost of up to $25 billion, becoming the first major Western company to pull out.
