Russian revenues boost ITE July 16, 2013 Corporate event manager ITE Group said yesterday that its third quarter revenue rose 25 per cent, helped by contributions from the biennial Moscow International Oil & Gas exhibition and revenue from the acquisition of an event organiser in Malaysia. The British company, which organises around 200 trade exhibitions and conferences each year in 14 countries, [...]
Eni and Rosneft team up to tap oil fields in the Russian Arctic April 25, 2012 ROSNEFT and Eni signed an agreement yesterday in the presence of Russian Prime Minister Vladimir Putin to jointly tap fields in Russia’s Barents and Black Sea zones, in Rosneft’s second Arctic deal in two weeks. The deal may not yield commercial oil production for years, but for Eni it secures a foothold in an untapped [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2012 FINANCIAL TIMES Metro losses widen in first full year Metro Bank, which launched in 2010 with the aim of providing a customer-friendly banking expeirence, increased its losses by 40 per cent to £33.1m for the last year. The bank has spent about £2m on each of its 12 branches – double the cost of a [...]
BP hit by fresh court fight over TNK-BP stake June 5, 2012 OIL major BP is facing renewed investor pressure in Russia after a court reopened a $13bn (£8.5bn) lawsuit linked to its TNK-BP venture. The Russian court said minority shareholders in TNK-BP can restart their fight over last year’s failed tie-in with oil explorer Rosneft. The shareholders complained that BP’s £10bn plan to join forces with [...]
Fitch warns TNK-BP that board spat could cost its debt rating May 30, 2012 RATINGS agency Fitch has warned that fresh boardroom acrimony at Russian oil firm TNK-BP could result in a debt rating downgrade. Fitch said the resignation of chief executive and key investor Mikhail Fridman this week “is the latest in a series of signs that some form of separation between the joint venture’s partners appears to [...]
Were BP’s results what you were expecting? October 30, 2012 RICHARD HUNTER | HARGREAVES LANSDOWN The recently announced agreement with Rosneft leaves BP with exposure to the important Russian region without some of the previous distractions, and the hike in the dividend is proof of management’s optimism for prospects. JONATHAN JACKSON | KILLIK & CO The results are strong, and they provide reassurance that the [...]
Russian planned for BP board September 23, 2012 British oil giant BP, which wants to buy a stake in Russian state-controlled rival Rosneft, plans to appoint a prominent Russian to its board of directors as part of a new commercial alliance with the Kremlin, it was reported yesterday. Bob Dudley, BP’s chief executive, discussed the plan with Vladimir Putin last week at a [...]
Russian planned for BP board September 23, 2012 British oil giant BP, which wants to buy a stake in Russian state-controlled rival Rosneft, plans to appoint a prominent Russian to its board of directors as part of a new commercial alliance with the Kremlin, it was reported yesterday. Bob Dudley, BP’s chief executive, discussed the plan with Vladimir Putin last week at a [...]
BP is under fire in Azerbaijan over its production revenues October 11, 2012 AZERBAIJAN has accused BP of making “false promises” on oil output and said the state had missed out on $8bn of potential revenues from what is one of the company’s biggest projects in the world. President Ilham Aliyev said he would take “serious measures” – threatening a third battle front for BP as it seeks [...]
What the other papers say this morning October 3, 2012 FINANCIAL TIMES End to Russian petrodollar surplus Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money [...]