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BP faces up to $25bn write-down as Rosneft value ‘probably close to zero’
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In the wake of Russia's invasion of Ukraine, BP said it would offload its almost 20% stake in Russian oil firm Rosneft. The problem, say market analysts, is whether anyone will take it off their hands.
“The big unanswered question now is how the market will value this stake, and who will actually buy it," said Jamie Maddock, equity analyst at Quilter Cheviot. "It seems likely that BP might not actually receive any proceeds at all for the Rosneft sale. Given the level of uncertainty, the market will likely ascribe zero value...
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