Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

BP faces pressure over Russian stake  Join our daily free Newsletter

MENAFN - The Peninsula - 08/04/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - The Peninsula) BP will come under pressure at its annual meeting this week to explain how its decision to take a 20 percent stake in Russia's biggest oil company Rosneft is going to be affected by the country's standoff with the west over Crimea.

BP's annual meeting, to be held at the ExCel centre in east London's docklands on Thursday, could see a barrage of questions from shareholders over Rosneft, continuing legal threats in the US, executive pay and environmental issues - and the general direction in which the company is headed.

The British oil group has already been drawn into the row over Russia's annexation of Crimea with calls for Rosneft's delisting from the London Stock Exchange. The demand came from Bruce Misamore, the former finance chief at Yukos - the oil company that was set up by former oligarch Mikhail Khodorkovsky and later folded into Rosneft while Khodorkovsky was in jail. There is a risk that Russian President Vladimir Putin could expropriate assets from western companies, including BP, said independent analyst Louise Cooper. BP's Rosneft stake accounts for a third of its production volume and gives it a stake in possible future Arctic exploration.

In addition, BP still operates under the cloud of the Deepwater Horizon disaster.

It has already paid out billions in compensation to victims but could face further penalties of up to 20bn, on top of the existing 40bn bill, if it is found guilty of gross negligence by the US Department of Justice.


The Peninsula

  MENA News Headlines
 Oct 10 2015 - Israelis worried but defiant amid wave of stabbingsGulf Times
(MENAFN - Gulf Times) Israelis are deeply unnerved in the midst of a spate of stabbings that have brought back memories of previous Palestinian uprisings, but say they are ready to "confront" any ...

 Oct 10 2015 - Saudi summons Czech envoy over 'Satanic Verses'Gulf Times
(MENAFN - Gulf Times) Saudi Arabia has summoned the Czech ambassador over a translation of British writer Salman Rushdie's controversial book "Satanic Verses", official media said on Friday. The ...

 Oct 10 2015 - Libya foes urged to sign long-awaited peace dealGulf Times
(MENAFN - Gulf Times) World leaders urged Libya's warring parties yesterday to sign a proposed peace deal installing a national unity government, after a cool response from some lawmakers in the ...

 Oct 10 2015 - Coalition warplanes bomb Yemen rebelsGulf Times
(MENAFN - Gulf Times) Warplanes from the Saudi-led coalition raided positions of the Iran-backed Shia insurgents east of the rebel-held capital yesterday, military sources said. The air strikes ...

 Oct 10 2015 - US halts failed programme to train Syrian rebel unitsGulf Times
(MENAFN - Gulf Times) Washington was forced yesterday to admit the failure of its plan to create Syrian rebel units to fight Islamic State, vowing instead to arm select local leaders. White House and ...

 Oct 10 2015 - Tunisian mediator group wins Nobel Peace PrizeGulf Times
(MENAFN - Gulf Times) Tunisia's National Dialogue Quartet yesterday won the Nobel Peace Prize for helping build democracy in the birthplace of the Arab Spring, an example of peaceful transition in a ...

 Oct 10 2015 - Hamas sees start of a new IntifadaGulf Times
(MENAFN - Gulf Times) Israeli troops shot dead six Palestinians in protests in Gaza and a knife-wielding Jewish man wounded four Arabs in southern Israel yesterday in a wave of violence that has ...

 Oct 10 2015 - Qatar electricity consumption: Domestic usage more than halfGulf Times
(MENAFN - Gulf Times) The domestic consumption, which included mainly residential customers, accounted for 57% of the sectoral electricity consumption in Qatar in 2014, according to a Qatar General ...

 Oct 10 2015 - Qatar- Expat sales executive gets one year jail for theftGulf Times
(MENAFN - Gulf Times) A Doha criminal court has sentenced an Indian man to one year in jail and ordered subsequent deportation for stealing electronic appliances from his employer, local Arabic daily ...

 Oct 10 2015 - Qatar- Unicef, EAC launch education project in KenyaGulf Times
(MENAFN - Gulf Times) Unicef and Educate A Child (EAC), a programme of Qatar's Education Above All Foundation, have launched the project Operation Come-To-School to accelerate access to education for ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help