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    BBC: BP profits down 21% as oil giant hit by Russia problems

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Summary

The falling value of the rouble and lower oil prices have hit profits at oil giant BP. The company made $3bn (£1.86bn) in the July-to-September period

by: Sruthi

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BBC: BP profits down 21% as oil giant hit by Russia problems

The falling value of the rouble and lower oil prices have hit profits at oil giant BP. 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.
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