BP courts Chinese and Indian energy majors in bid to offload Russia assets

BP courts Chinese and Indian energy majors in bid to offload Russia assets

BP has reached out to state-backed firms in Asia and the Middle East as it searches for a way to offload its Russian assets, people with knowledge of the matter said.

The UK energy giant has made preliminary approaches to China National Petroleum Corp. and Sinopec Group about the planned sale of its roughly 20% stake in Russia’s Rosneft PJSC, according to the people. It has also selectively reached out to some potential buyers in the Middle East, the people said, who asked not to be identified because the information is private.

BP has also been gauging interest from Indian firms like Oil & Natural Gas Corp. and Indian Oil Corp. in acquiring its stakes in some Russian oil and gas projects, the people said.