Bp To Sell Its Stake In Russian Venture

BP has agreed to sell its half of a troublesome but lucrative joint venture in Russia to the state-controlled firm Rosneft for nearly $28 billion in cash and stock, the company announced on Monday. The two-step deal will leave BP with $12.3 billion in cash, a 19.75 percent stake in Rosneft, Russia’s biggest oil company, and two seats on Rosneft’s nine-person board.

Topics:  bp   russia s   rosneft s   russia   rosneft   sell   stake   venture   company   cash   billion   
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