Bp Stock News

"It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue."

BP is divesting from Russia''s oil giant, but not because of climate change.

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…

The Russian central bank more than doubled interest rates Monday, to 20 percent from 9.5 percent, in a emergency move to try and stabilize the plummeting ruble, which dropped as much as 30 percent Monday, to its lowest rate ever against the dollar. The U.S., Europe, and other nations moved over the weekend to freeze Russia''s hard-currency reserves, cut off some of its largest lenders from the SWIFT global payment system, crack down on Russian oligarchs and their assets, and enact other punitive sanctions to punish Russia for invading Ukraine. Russians have rushed to ATMs to withdraw cash, and Russia''s central bank said Monday''s rate increase was designed to support "financial and price stability and protect the savings of citizens from depreciation." Losing access to much of its $640 billion in foreign reserves limited the bank''s options. "Put simply, Russia''s ability to transact with any financial institution at a global level will be severely impaired, because most international banks across any jurisdiction use SWIFT," Deutsche Bank analyst George Saravelos wrote in a note to clients.

Oil giant confirms it is set to take major writedown as it concludes holding in Rosneft ''simply cannot continue'' in wake of invasion Oil giant BP is to exit its shareholding in state-owned Russian oil company Rosneft, in which it has held a 19.8 per cent stake since 2013, while both BP-nominated directors will resign from the board of Rosneft immediately. BP said the resignations of its CEO Bernard Looney and former BP group CEO Bob Dudley from the Rosneft board will require it to change its accounting treatment of its Rosneft shareholding, resulting in "a material non-cash charge with its first quarter 2022 results, to be reported in May". Looney was nominated to the Rosneft board in 2020, while Dudley has been a director since 2013. Given that BP will no longer fit the criteria under the International Financial Reporting Standards (IFRS) for having "significant influence" over Rosneft, it is now treating the Russian company "as a financial asset measured at fair value". According to BP, this means that a "non-cash adjusting item charge at the time of the first quarter 2022 results, representing the difference between the fair value of BP''s Rosneft shareholding at 31 March 2022 and the carrying value of the asset" will apply, which at the end of 2021 was around $14bn.

Continue reading at Coinspeaker

Divesting the 19.75% stake, valued at $14 billion, could result in charges of up to $25 billion for BP.

BP Tumbles as It Exits Rosneft, Hit Seen around $25 Billion

BP is divesting from Russian oil giant Rosneft, pressured by the West’s reaction to Moscow’s military operation in Ukraine Read Full Article at RT.com

Companies with Russian assets under pressure; some Russian banks shut out from SWIFT; EU, Canada, Britain shut airspace to Russia

The energy giant will take up to $25 billion hit because of the exit The post bp ditches its 19.75% stake in Russian oil giant Rosneft appeared first on Energy Live News .

One of the world's supermajor oil companies, BP PLC (NYSE: BP) has announced that it will take a material noncash charge in the first quarter of this year as the company exits its nearly 20% stake in

Oil major BP has cancelled all of its fuel oil loadings from the Russian Black Sea port of Taman due to Russia's invasion of Ukraine, sources familiar with the matter said.

Divesting the 19.75% stake, valued at $14 billion, could result in charges of up to $25 billion for BP.

For well over a year we have covered the energy analyst research team at Goldman Sachs as they continued to make the case for higher oil prices.