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 | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |