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BP announces it will sell its stake in Rosneft

 Last Update: 2023-01-24
 Source: Internet
 Author: User

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british petroleum news

consolidated balance sheet

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British energy giant British Petroleum (bp) announced on February 27 that it would sell its 19.
75% stake in Rosneft, with a direct loss of $25 billion
.

In addition, bp chief executive Bernard Looney and former executive Bob Dudley will also resign from Rosneft's board
.
Looney has been a director of Rosneft since 2020, while Dudley has been a director since 2013
.

The press release shows that the loss mainly comes from two parts.
The first is the impairment of asset value, that is, the difference between fair value and book value, which is estimated to be 14 billion US dollars.
Losses such as foreign exchange gains and losses that have been accumulating in the past have been reflected in the balance sheet.
With the sale of shares, this loss is reflected in the income statement in one go
.

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