BP has reached out to state-backed firms in China and India following its announcement that it would be exiting its Rosneft shareholding. According to reports from Bloomberg, the UK-based gas giant is engaging in preliminary discussions with China National Petroleum and Sinopec, as well as ONGC and Indian Oil. It is understood that these discussions are yet to gain traction. It comes as BP exited its highly lucrative near 20 per cent stake in the Russian energy firm earlier this week following the ongoing invasion of Ukraine. BP anticipates it will take a $25bn (£19bn) hit from the decision.

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