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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 · The company has decided to "divest" - meaning it will sever its financial ties with Rosneft, stop taking a dividend and step back from its two seats on the board.
Feb 27, 2022 · Rosneft accounts for around half of BP's oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to $25 billion, the British company said ...
Feb 27, 2022 · BP did not specify how and when it might divest the Rosneft stake. It could write off the shareholding, sell it back to Rosneft or find another buyer. Analysts have speculated that a state-backed ...
Feb 25, 2022 · As a result, BP was still able to report profits of more than $2.4bn from its Rosneft stake last year and collect $640mn in dividends, while Looney has continued to sit on the Russian group’s board.
- Harriet Agnew
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. London-based BP also said its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately ...
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Feb 28, 2022 · The holding in Rosneft stems from its acrimonious divorce with Russian oil major TNK-BP, in which it held a 50% stake. At the time, BP’s then-CEO, Bob Dudley, hailed the settlement as historic ...
