Partly Cloudy

Partly Cloudy

max temp: 21°C

min temp: 12°C

ESTD 1874 Search

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.

shares

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.

shares

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

EDF workers are unhappy over pay.

Hundreds of workers at energy giant EDF are to stage a 24-hour strike in a row over pay.

Amos Smith who is launching a new yoghurt called Mossy's from a secret family recipe.

A popular yogurt made to a secret family recipe has been revived by a young food entrepreneur.

Land next to Burger King is for sale

Tesco, Mothercare and Toys R Us could soon have a new neighbour at Copdock Mill

A city worker looks at a stock ticker screen at the London Stock Exchange in the City of London.

Volatile stock market conditions took their toll again today as the FTSE 100 Index plunged after sharp gains in the previous session.

The Director General of the British Chambers of Commerce, John Longworth, has met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region.

The Director General of the British Chambers of Commerce, John Longworth, met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region last week.

Sainsbury's supermarket was only one of Britain's big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda.

Sainsbury’s was the only one of Britain’s big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda, according to latest industry data.

Family law expert Georgina Hall, now a partner at Prettys

East Anglia law firm Prettys, which has offices in Ipswich and Chelmsford, has announced the promotion of family law expert Georgina Hall to partner, bringing the total number of partners in the firm to 10.

Poundlands £55 million acquisition of rival 99p Stores has provisionally been given the green light.

Poundland’s £55 million acquisition of rival 99p Stores has provisionally been given the green light.

RSA Insurance Group chief executive Stephen Hester, as the More Than owner said it was willing to back a £5.6 billion takeover bid from Swiss rival Zurich after its suitor put forward a proposed offer.

More Than owner RSA Insurance said it was willing to back a £5.6 billion takeover bid from Swiss rival Zurich after its suitor put forward a proposed offer.

Ipswich Waterfront

Developer John Howard is about to go out to tender to select the building company to complete the Waterfront tower that has become known as `The Winerack.’

Most read

Most commented

Topic pages