BP cutting 4,000 jobs in exploration, productionJanuary 12, 2016 - 16:27 AMT PanARMENIAN.Net - Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude, the Associated Press reports. The cuts in BP's upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday, Jan 12, comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide. Company officials began notifying employees of the action in town hall meetings in Scotland. Mark Thomas, regional president for BP North Sea, says in a statement that because of toughening market conditions "we need to take specific steps to ensure our business remains competitive and robust." 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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |