SNP - BP continues to hunt for buyer of Rosneft shares - reaches out to India and China

Shortly after war broke out in Ukraine, BP (BP) made the decision to exit the Company's ~20% stake in Rosneft (OTCPK:RNFTF). BP's (BP) first call was to Rosneft (OTCPK:RNFTF); since, Rosneft (OTCPK:RNFTF) has recommenced the Company's share buyback program, but provided no indication the board plans to buy back BP's (BP) ~20% stake. Wednesday, Bloomberg reported that BP (BP) has reached out to state-backed firms in Asia and the Middle East, as the oil major continues to hunt for a buyer. BP (BP) management has had preliminary discussions with China National Petroleum Corp (PTR) and Sinopec (SNP), as well as ONGC and Indian Oil, though efforts have gained little traction.

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BP continues to hunt for buyer of Rosneft shares - reaches out to India and China