(MENAFN) BP, the British energy giant, said that the group€™s net profits jumped in the January-March period compared to the year-ago period when the group sold its stake in a Russian joint venture, Arab News reported.
BP said in an earnings statement that net profit reached USD2.544 billion in the first quarter of 2014 compared with profit after tax of USD16.863 billion in the first quarter a year earlier.
BP has sold its 50-percent stake in joint venture TNK-BP to Rosneft after the Gulf of Mexico oil spill disaster in 2010 which has cost it tens of billions of dollars in compensation and fines.
"First quarter 2013 included a USD12.5 billion gain relating to the disposal of our interest in TNK-BP," the British group said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.