Oil giant BP (British Petroleum) has suffered a fall in profits from July to September amid lower oil prices and the decreasing value of the ruble.
Europe’s third-largest company said it made $3bn (£1.86bn) in the third quarter, down from $3.7bn (£2.29bn) in the same period last year – a fall of 21 percent.
BP has invested heavily in Russia and owns a nearly 20 percent stake in Rosneft, the Russian state-run oil company. It is now feeling the impact of Western economic sanctions on Russia over the Ukraine crisis.
The company’s net income from the Rosneft stake dropped considerably – down to $110m from $808m in the same period last year.
BP said the depreciation of the ruble against the dollar was the reason for the drop in profits. Lower Urals oil prices also hurt profits, the London-based company said in a statement.
Read the Full Article: Source – Russia Today