Home Business NewsBusiness BP shares tumbles after it offloads stake in Rosneft amid Ukraine conflict

BP shares tumbles after it offloads stake in Rosneft amid Ukraine conflict

by LLB Reporter
28th Feb 22 10:31 am

Shares in BP fell nearly six per cent this morning after the oil giant announced last night that it would offload its 20 per cent stake in Russian-owned Rosneft.

It concluded that it “simply cannot continue” its involvement in the Kremlin’s oil company.

BP would take a financial hit of up to $25 billion in the process while Bernard Looney, BP’s chief executive, and his predecessor Bob Dudley both resigned from Rosneft’s board with immediate effect last night.

Looney said that he had been “deeply shocked and saddened” by the situation in Ukraine and it had caused BP to fundamentally rethink its 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,” he said.

Leave a Commment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]