BP says it will 'exit' its $14 billion stake in Russian oil giant Rosneft over Kremlin invasion of U

[left-of-center2012]

Source: Washington Post

British oil giant BP said it is “exiting” its $14 billion stake in Russian oil giant Rosneft over Moscow’s invasion of Ukraine, in one of the biggest signs yet that the Western business world is cutting ties over the Kremlin’s invasion of Ukraine.

BP, also said its current and former chief executives — Bernard Looney and Bob Dudley — have resigned from the Russian company’s board immediatly.
BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. However, this military action represents a fundamental change. 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 chair Helge Lund said in a statement Sunday.

The announcement marks the end of one of the Western world’s largest ever investments in Russia, seen as so politically important that Russian President Vladimir Putin and then British Prime Minister Tony Blair personally attended a signing ceremony for a key part of the deal in 2003. The company is already essentially erasing Rosneft from its books, saying
it will no longer recognize a share of Rosneft’s net income, production or reserves.

It is the latest sign of the crushing financial punishment Western nations are meting out over Russia’s attack, including blocking Moscow’s access to the central-bank reserves it holds in the West and cutting Russian banks’ access to global financial networks.






Read more: https://www.washingtonpost.com/business/2022/02/27/bp-russia-rosneft-ukraine/

[Ford_Prefect]

1. How does that actually work?

It is unclear whether BP will find a buyer for its shares or simply walk away from them. But the company is already essentially erasing Rosneft from its books, saying it will no longer recognize a share of Rosneft’s net income, production or reserves.

[SWBTATTReg]

3. China may be a buyer of these shares, since they're always looking for oil fields it seems like,

like off the coast of Vietnam, probably other places too.

[blue-wave]

12. If China is smart

once the Ukrainians destroy most of the Russian military, they can just march right into those oil fields.

[oldsoftie]

2. Nobody likes you, Vlad. Just your butt buddies in NK, China Syria & Iran.

The cards keep falling. He'll just be left with the ass kissers.
Wouldn't it be something if this rid us of Putin.

[Budi]

4. Dotard to Vlad, "Pick me! What have you got to lose?"

[Skittles]

5. I'm giving them points

well done

[BamaRefugee]

6. Translation:BP feverishly creating shadow corporation to continue their stake.

Don’t fall for all these giant companies suddenly developing empathy and a conscience!
This is straight out of the playbook for professional wrestling on TV. A never ending revolving door of the same characters switching sides when convenient for the plot line.
Bad guys become good guys, and vice versa, ad nauseum.
Just watch.
Their bottom line will MAGICALLY be unaffected.

[left-of-center2012]

7. Well, okie dokie

Anything is possible.

[COL Mustard]

8. This is a BREXIT I can actually support!

eom

[paleotn]

9. Amazed they did this so quickly.

Business types usually dither about stuff that's going to hammer share price. Gonna be a rough Monday for BP share holders, but it's the right thing to do. How's that? An oil company doing the right thing. Strange world.

[Igel]

10. Bad.

"We're owned r. x billion. But we don't want it. It's tainted.

"Sorry, Putin, *you* have to keep the money."

What? Give Rosneft' free money?

No. Take the money--it won't be worth much in western currently but will help bleed the ruble when/if it's converted.

Then when shares start to recover, sell them. At once. Tank them.

[ffr]

11. Beautiful! We told him there would be consequences and his ego wouldn't see the light.

What a stupid fuck Putler is.