BP reports rise in Q2 profits boosted by increased productionJuly 29, 2014 - 11:35 AMT 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. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | U.S. welcomes Armenia, Azerbaijan’s border delimitation announcement Blinken said it is an important step towards concluding a durable and dignified peace agreement. Residents Of border villages protest as Armenia, Azerbaijan agree on delimitation Residents of several Armenian communities in the northeastern Tavush province began protests late on Friday. European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. |