BP stock slides as Russia exit plan may result in $25-bn bill
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, but were still among the top losers on Britain’s blue-chip FTSE 100 index.
