BP PROFITS DOWN 21% AS OIL GIANT HIT BY RUSSIAN PROBLEMS (STA BREAKING NEWS and ARCHIVES)

by STANews , Tuesday, October 28, 2014, 13:14

The company made $3bn (£1.86bn) in the July-to-September period, down from $3.7bn for the period last year.

BP, a big investor in Russia through its 20% stake in Rosneft, said the depreciation of the rouble against the dollar dragged down profits.

Net income from Rosneft fell to $110m, from $808m in the same quarter last year.

Lower Urals oil prices also hurt profits, BP said in a statement.

Also on Tuesday, Rosneft unexpectedly delayed publication of its own third-quarter profit figures. The company, which is feeling the impact of Western sanctions over Ukraine, did not give a reason.

The rouble has fallen to all-time lows against the dollar, the currency used to price oil.

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http://www.bbc.com/news/business-29798803