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BP pledges to stay in Russia amid Ukraine crisis

British energy giant BP vowed Thursday to remain in oil-rich Russia despite the Ukraine crisis, adding it would play a key "bridge" role between the West and Moscow. "Clearly the situation in Ukraine is currently the focus of world attention," said chief executive Bob Dudley at BP's annual general meeting in London. "We will seek to pursue our business activities, mindful that the mutual dependence between Russia, as an energy supplier, and Europe, as an energy consumer has been an important source of security and engagement for both parties for many decades.

Rosneft reports 55% jump in quarterly profit

Russia's top oil producer Rosneft reported on Tuesday a 54.7-percent yearly rise in third-quarter profit that came thanks to the recognition of a higher value for the TNK-BP venture it acquired for $55 billion. The state-owned firm said that $5.2 billion (3.8 billion euros) of its $8.8 billion (6.4 billion euros) in third-quarter profit "includes the effect of the preliminary revaluation of TNK-BP assets." zak/as/hd

Russia's state-owned Rosneft to buy out minority shareholders in oil firm TNK-BP

MOSCOW - The chief executive of Russian state-owned oil company Rosneft pledged Friday to offer to buy out minority shareholders in oil firm TNK-BP. TNK-BP, Russia's No. 3 oil company, was taken over by Rosneft last year. Since the deal, international minority investors holding around 5 per cent in TNK-BP have been left in limbo and unable to find other buyers for their stakes.

Rosneft may offer to buy out, or convert, TNK-BP shares

MOSCOW (Reuters) - Russian state oil major Rosneft said on Thursday it may offer to buy out minority shareholders in TNK-BP Holding or convert their stock into its own shares, but only at a lower valuation than at which it took over TNK-BP. "We don't have any obligations. It would be a voluntary offer or, if a decision on a reorganization is taken, a conversion. We will see," Rosneft Vice President Igor Maidannik told reporters.

Rosneft names new managers after former TNK-BP executives quit

MOSCOW (Reuters) - Rosneft <ROSN.MM>, the state-owned Russian crude producer which earlier this year bought TNK-BP, announced several senior management appointments on Monday after former TNK-BP executives decided to leave positions they had been offered. The world's biggest listed crude producer, which paid $55 billion in cash and stock for TNK-BP, said its former head, Eduard Khudainatov, was taking over the production department from Sergei Brezitsky, who had worked at TNK-BP until 2011 prior to being offered the job at Rosneft.

BP says it is selling stake in Brazil's Polvo oil field for $135 million

LONDON - Oil company BP says it is selling its majority stake in Brazil's Polvo oil field for $135 million in cash to HRT Oil BP gained its 60 per cent stake in Polvo from Devon Energy in 2011 as part of a purchase in ten exploration and production blocks. Maersk owns the other 40 per cent and the field, located approximately 100 kilometres (60 miles) off the coast of Rio de Janeiro, currently produces about 13,000 barrels of oil a day. BP said in a statement Monday that the deal with Brazil's HRT Oil

Rosneft beats outlook despite 13% profit fall in Q1

Russia's largest oil producer Rosneft said Tuesday that its net profit slipped 13 percent to $3.3 billion in the first quarter, a period that set the stage for a phenomenal leap in income as a result of its acquisition of the Anglo-Russian joint venture TNK-BP. The state oil firm's reported profit for the first three months of the year was slightly above the consensus. The drop was largely attributed to seasonal factors that lead to weaker sales of petroleum products.

BP says Q1 net profits triple to $16.86 bln

British energy giant BP said Tuesday that net profits almost tripled in the first quarter of 2013, boosted by the sale of its stake in Russian joint venture TNK-BP, despite falling oil and gas output. Earnings after taxation surged to $16.86 billion (12.87 billion euros) in the three months to the end of March, compared with $5.77 billion in the same period of 2012, BP said in a results statement.

BP profits more than triple in Q1 as company continues with disposal plan following US spill

LONDON - BP's sale of its Russian joint venture helped it more than triple first-quarter profits, the oil company said Tuesday in a further sign that its disposal program in the wake of the Gulf of Mexico oil spill disaster is on track.

BP says Q1 net profits triple to $16.86 bln

British energy giant BP said Tuesday that net profits almost tripled in the first quarter of 2013, boosted by the sale of its stake in Russian joint venture TNK-BP. Earnings after taxation surged to $16.86 billion (12.87 billion euros) in the three months to the end of March, compared with $5.77 billion in the same period of 2012, BP said in a results statement. jmi-rfj/arp
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