2/27/2022, 6:36 PM (Source: TeleTrader)
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Chart for: Rosneft (T+ Shares and DRs)

BP to exit 19.75% stake in Rosneft over Ukraine

BP plc announced on Sunday that it will exit its stake in PJSC Rosneft Oil Company. BP has held a 19.75% stake in the Russian oil company since 2013. The British company is expecting to report a material non-cash charge with its first-quarter 2022 results, with the stake valued at around $14 billion at the end of last year.

In addition, BP CEO Bernard Looney is resigning from the board of Rosneft with immediate effect. "Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP's position with Rosneft. I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of BP," Looney stated.

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