(Reuters) Shares of British Petroleum traded more than 7% lower on Monday after news it would sell stake in the Russian oil giant Rosneft of 19.75%.
The slip in the shares happens even as Rosneft accounts for around half of BP’s oil and gas reserves, and a third of its output.
BP ranks as the biggest foreign investor in Russia, with the potential exit underlining the strained relations between Moscow and the West following its invasion of Ukraine.
BP says the move would not have material impacts on its short-term or long-term financial goals or derail the focus towards renewable energy.
The share sale is expected to lead to charges of about $25 billion and will end around three decades of partnership between the two companies.
BP: LON is down -7.09%.
