BP Weighs Selling Rosneft Stake Back to Russian Explorer
- U.K. oil giant faces up to $25 billion hit from 20% disposal
- BP considering range of options after pressure to exit country
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BP Plc may seek to sell its roughly 20% stake in Rosneft PJSC back to the state-controlled Russian explorer at a huge discount, according to people familiar with the matter, after the invasion of Ukraine forced the U.K. oil major to make a rapid exit from the country.
London-listed BP considers a deal with Rosneft as the most realistic transaction because it would struggle to sell down on the market or find another buyer for the stake, given the sanctions on Russia, the people said, asking not to be identified as the matter is private. BP has already warned it could take a hit of as much as $25 billion as a result of quitting Russia, where it’s been active for three decades.