Business Standard

BP stock slides as Russia exit plan may result in $25-bn bill

BP is the biggest foreign investor in Russia, and its dramatic exit puts the spotlight on other Western companies with operations in the country amid an escalating crisis between the West and Moscow

Detail is seen on a BP (British Petroleum) EV (Electric Vehicle) charge point in London

Shares in BP fell nearly 7% on Monday after the British energy major revealed plans to sell its nearly 20% stake in Russian oil giant Rosneft over the weekend following Moscow's invasion of Ukraine.

State-owned Rosneft accounts for around half of BP's oil and gas reserves and a third of its production. A sale of the 19.75% stake ends three decades of partnership between the two companies and will result in charges of up to $25 billion, BP said on Sunday.

BP shares pared some early losses and were down 4.5% at 361.5 pence on the London Stock Exchange by 0825 GMT,

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First Published: Feb 28 2022 | 2:37 PM IST

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