BP does not believe that new U.S. sanctions could impact negatively on the company

© RIA Novosti / Maxim to Aminopherase in fotobounce one of the filling stations BP in Moscow. Archival photoBP does not believe that new U.S. sanctions could impact negatively on the company© RIA Novosti / Maxim to Aminopherase the image Bank

BP sees no significant adverse effects that could have on the company’s new US sanctions against Russia, said the head of BP Bob Dudley.

«With regard to U.S. sanctions against Russia, we have noticed that the wording of the law on sanctions, which was (previously amended) submitted to the U.S. house of representatives, was a lot of unwanted effects, for example, for the project «Shah-Deniz», even for some projects in Egypt. As I understand it, the wording was changed… And now it allows us to avoid many very serious adverse consequences,» said Dudley in a conference call for investors.

«Sanctions as such in the form in which they are presented — we will be monitoring them closely. We need to work very carefully observing the policy of sanctions. But we are not aware of any material adverse effect, which may be provided on investments in Russia, or anywhere else, or in principle on our ability to work with «Rosneft», — said the head of BP.

«For three years we were able to work well following all the instructions. And we think that these new sanctions will not change the situation,» concluded Dudley.

The U.S. Senate in late July adopted the law on sanctions against Russia, Iran and North Korea. Earlier, the house of representatives of the U.S. Congress adopted the document by an overwhelming majority (419-3). Now the law sent for signature to President Donald Trump, who has veto power. The document, in particular, adjusts the range of deepwater and Arctic offshore projects and oil and gas projects with hard to recover reserves that are not allowed to supply equipment and technology.

And if earlier it was all such projects on the territory of the Russian Federation with the participation of sanctioned physical and legal persons, the sanctions now apply only to new projects but without georeferencing. Under the restrictions includes all new projects, in which Russian sanctioned companies owns 33% or more.

BP does not believe that new U.S. sanctions could impact negatively on the company© RIA Novosti, Infografiken sanctions against Russia and retaliatory measures

Source

Be the first to comment on "BP does not believe that new U.S. sanctions could impact negatively on the company"

Leave a comment

Your email address will not be published.


*