Overcast

Overcast

max temp: 18°C

min temp: 10°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

UK: BP warns of Russia sanctions impact

09:17 29 July 2014

BP has warned of the effects of possible sanctions

BP has warned of the effects of possible sanctions

Oil giant BP has warned that further international sanctions on Russia could have a “material adverse impact” on the company.

The UK business owns a 19.75% stake in Russian oil firm Rosneft, which is the subject of sanctions preventing it from using US financial institutions for new loans over a period longer than 90 days.

In its second-quarter results, BP said further international sanctions on Rosneft or on Russia could have a “material adverse impact” on its investment in Rosneft, its business in Russia and its own financial position.

Profits for the quarter to June 30 were 3.18 billion US dollars (£1.87 billion), up by a third on the same period a year earlier but down 8% on the previous quarter.

Production was 3% higher on an underlying basis but BP warned that output in the current quarter is expected to be lower, primarily due to planned maintenance activities in Alaska and the Gulf of Mexico.

The investment in Rosneft, which is Russia’s biggest oil producer, was a factor in the improved performance by BP as profits from the relationship nearly doubled to just over 1 billion US dollars (£589 million) in the second quarter.

BP shares opened just under 1% higher today.

1 comment

  • I wonder if one of the people who died on the aircraft shot down was a child of one of the Directors of BP it would make any difference to their response ? or is money their be all and end all of everything in this world ?, they must be a 'Tory' !

    Report this comment

    freedomf

    Tuesday, July 29, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

The Vitec, William Vinten Building in Western Way, Bury St Edmunds.

A major multinational company based in Bury St Edmunds has confirmed its intention to remain in the town as it leaves its old home of more than four decades.

Proposals are being put forward to build a school on the former BT depot site on Woodbridge Road in Ipswich.

A new primary school is being planned for Ipswich – and it is possible it could be built as soon as next year.

The MSC Oscar arriving at the Port of Felixstowe.
Photo: George Copping/citizenside.com

The Ipswich-based Mediterranean Shipping Company (UK) has reported increased revenue and profits for 2015.

Metin Ozer, from Mr Chippys Fish and Seafood Restaurant, Simone McLean, from S&S Caribbean Cafe, Sharalyne Monk, from Zebra News, Jessica Schomberg, from Jes, Izabela Serwin, from Cardamon Cafe, and April Moodie, from Music Warehouse, are angry how a trade is being affected due to a portion of St John's Street in Colchester is blocked due to sewer repairs.

Businesses say they have been left counting the cost and struggling for survival after a collapsed sewer has closed a Colchester town centre road for six weeks.

Aqua 8 business guests special night

Award-winning Aqua Eight Fusion Restaurant and Bar in Lion Street, Ipswich, has hosted the first in a series of Random Acts of Kindness special social events to reward and thank the unsung heroes and heroines within the Ipswich business community.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24