BP reports rise in Q2 profits boosted by increased production

BP reports rise in Q2 profits boosted by increased production

PanARMENIAN.Net - Oil giant BP has reported a rise in second quarter profits boosted by increased production, according to BBC News.

Replacement cost profits, which strip out volatility in oil prices, were $3.2bn, up from $2.4bn in the same period last year.

BP said that sanctions imposed over the Ukraine crisis have not affected business so far. However, the oil giant warned that further sanctions could affect its activity.

BP has around a 20% stake in Russian energy giant Rosneft.

"Any future erosion of our relationship with Rosneft, or the impact of further economic sanctions, could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," BP said.

European ministers will meet in Brussels on Tuesday to discuss whether to impose further sanctions on Russia over allegations of its involvement in the ongoing crisis in Ukraine.

Bolstered European sanctions could affect the Russian oil sector.

 Top stories
That net balance was lower than 39% in June and the lowest since the Markit Global Business Outlook Survey began in 2009.
The project aimed to assist the country in improving financial management and efficiency of the government’s activity.
Australian PM Tony Abbott said leaders would discuss job creation, identifying tax cheats and strengthening the global economy.
This is the second in a series of three DPOs, supporting the government of Armenia in meeting its strategic objectives.
Partner news