BP announces exiting Rosneft shareholding

Oil company BP said on Sunday that it will exit its 19.75% stake in Russian company Rosneft due to a Russian special operation in Ukraine.

"The BP board today announced that BP will exit its shareholding in Rosneft. BP has held a 19.75% shareholding in Rosneft since 2013. Additionally, BP Chief Executive Officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by BP, former BP group chief executive Bob Dudley, is similarly resigning from the board," the statement said.

According to the statement, "the resignations will require bp to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first quarter 2022 results, to be reported in May".