9 Dec 2022 18:07

BP continues to seek buyer for Rosneft stake, but process complicated by numerous factors - company

MOSCOW. Dec 9 (Interfax) - BP plc continues to look for a buyer for its stake in Rosneft and is actively marketing the asset, but the exit process is complicated by numerous factors, the British company said in a statement.

BP owns 19.75% of Rosneft, and just days after the start of the military operations in Ukraine, the British company said it intended to exit that investment and leave the Russian market. There has been no specific news about the fate of the stake since then. On Friday, BP published background information on its website about the status of the exit process from Russia, stressing that the company's plans remain unchanged.

BP initially expected that the sale of a stake in Rosneft would be a drawn-out process, which it has proven to be, the material indicate. The process is complicated and delayed by both international sanctions against Russia and a number of Russian regulations. "BP is actively engaged in marketing the asset, but its ability to sell is constrained by Russian legislation and the Russian government, who have effective approval rights on any buyer, as well as by limitations resulting from international sanctions," the company said.

BP is aware of statements regarding Rosneft's payment of dividends but it has not received any payments since its decision of 27 February. It has no expectation of receiving any in the future, the company said.

Previously, the head of Rosneft Igor Sechin said that BP remained a "shadow" shareholder of the company, retaining all rights and dividends corresponding to the package.

The largest Rosneft shareholder is the state-owned Rosneftegaz (40.4%). Qatar-based QH Oil Investments LLC owns 18.46%.