Bp Stock News

HOUSTON, (Reuters) - Exxon Mobil XOM.N likely will face new pressure to severe ties with Russia’s largest oil producer, said analysts, after rival BP

The British energy giant BP announced Sunday that it would be selling 19.75% of its stake in Rosneft, a Russian

BP will offload its 19.75% stake in Rosneft under pressure from the UK government.

BP''s surprise move to cut ties with Rosneft will result in charges of up to $25 billion at the end of the first quarter. Will other Western companies follow this route?

Highlights Russian president Putin has instructed his defence minister to place the nuclear deterrent forces on a "special regime of combat duty." Germany is planning to devote EUR 100 billion to a special fund to help Ukraine. A total of 1,684 people has been injured in Ukraine, while Russia is yet to provide exact figure. Russian president Vladimir Putin on Sunday (February 27) raised the alert level on his nuclear weapons in an unprecedented escalation of tensions with the West. While Putin''s troops and tanks pushed farther into Ukraine, closing in on Kyiv, Ukraine''s embattled leader consented to hold peace talks with Moscow. On Sunday, Putin upped the ante by issuing an instruction to strengthen the readiness of Russia''s nuclear weapons, citing "aggressive remarks" by NATO and strong financial penalties, raising fears that the invasion of Ukraine could lead to nuclear war, whether on purpose or by accident. Putin''s order came as Russian forces faced stiff opposition from Ukraine''s defences.

The company is the second European oil & gas producer to exit Russia after supermajor BP announced its exit on Sunday

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

Highlights British energy giant BP to exit from Russian Rosneft in response to Russian attacks on Ukraine. BP believes the Russian exit is in best long-term interest of all its shareholders. BP’s exit puts the spotlight on other Western companies having stake in Russia. Global energy giant BP Plc (LON:BP) has sparked a new row of actions against the Russian invasion on Ukraine with its decision to exit from its shareholding in Rosneft. Russia’s western allies are already peaking sanctions including moves like closing airspace, cutting Russian banks off SWIFT network and other moves. BP’s decision to exit Russia marks a major corporate action in response to the growing pressure from Western governments to widen economic sanctions on Russia. BP loses billions as it abandons Russian Rosneft BP has announced its exit from Russian oil giant Rosneft ending abruptly an over three-decade old operation in the energy-rich country. Around half of BP’s oil and gas reserves and a third of its production comes from the Russian Rosneft.

BP said Sunday it is exiting its share in Rosneft, a state-controlled Russian oil and gas company, in reaction to Russia''s invasion of Ukraine. BP has held a 19.75% stake in Rosneft since 2013. That stake is currently valued at USD

And BP is seeking to divest the near 20% stake in Russian state oil company Rosneft it has held since 2013.

The surprise move from the British company is the latest sign of how far Western powers are willing to go to punish President Vladimir Putin for his invasion of Ukraine

BP said Sunday it is exiting its share in Rosneft, a state-controlled Russian oil and gas company, in reaction to Russia''s invasion of Ukraine.

Bloomberg Reporter: "We Seem To Be Tailspinning Into Chaos" Some scary observations from Bloomberg senior markets reporter Nikos Chrysoloras , as tweeted late on Sunday. 1) BP decided to take a hit of as much as $25 billion, just to leave Russia immediately 2) Russia''s bond market is collapsing 3) Russians lined up at cash machines around the country to withdraw foreign currency 4) Unless there''s a surprise de-escalation, Monday may turn out to be a dramatic day for the ruble, Russian stocks , and European markets 5) The European Union closed its airspace to Russia . The blockade applies to any plane owned, chartered or otherwise controlled by a Russian person. Unprecedented 6) The decision to exclude Russian banks from the SWIFT messaging system could result in missed payments and giant overdrafts within the international banking system 7) The EU is going after oligarchs . Essentially now the entire political and economic elite of the country is sanctioned 8) The U.S. Embassy in Russia said citizens in the country should consider departing *immediately* - The EU approved $500 million in lethal military aid to be used against Russia''s invading forces in and banned state media - also unprecedented 9) The EU also banned all transactions with the Russian central bank , severely curbing its ability to use foreign currency reserves to cushion the devastating blow from the sanctions 10) The situation on the front is unclear, but it seems Ukrainian facilities containing nuclear waste suffered damage 11) Putin says he put his nuclear forces on "high alert " .

LONDON : BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow''s invasion of Ukraine. Rosneft accounts for around half of BP''s oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to US$25 billion (RM105 billion), the British company said, without saying how it plans to extricate itself. “I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft,” BP chief executive Bernard Looney said. The rapid retreat represents a dramatic exit for BP, the biggest foreign investor in Russia, and puts the spotlight on other Western companies with operations in the country including France''s TotalEnergies and Britain''s Shell, amid an escalating crisis between the West and Moscow.

Energy giant BP announced on Sunday that it will drop its one-fifth share in Russian oil company Rosneft, saying it’s the right thing to do, fiscally and morally