BP to Exit From Stake in Russia’s Rosneft Following Pressure From U.K.
British energy giant BP PLC said Sunday it will exit its nearly 20% stake in Russian government-controlled oil producer Rosneft , days after it was pressured to unload the holding by U.K. officials amid Russia’s invasion of Ukraine.
The British company faces a potential loss of as much as $25 billion—encompassing the maximum possible impact of selling the Rosneft stake, valued at $14 billion, plus a big expected charge related to foreign-exchange losses. Currently, BP relies on Rosneft for roughly one-third of its oil-and-gas production.
