Volatile Oil Prices and Rosneft

Rosneft: Underlying replacement cost profit, which strips out the effect of very volatile oil prices to give a clearer picture of a company earnings, rose by 34 percent to just over $3.6 billion 2.7 billion euros , according to Deutsche Welle. BP owns a near 20-percent share in Russia partly state-owned oil and gas giant Rosneft and is by far the biggest investor in the oil sector in Russia. 0:00:00 0:00:00 Deepwater Horizon trial begins 26.03.2014 BP - formerly known as British Petroleum - cited rising oil and gas production from new upstream products as well as increased processing of heavy crude at the Whiting refinery in the US as the main reasons for the substantial rise in profits in the second quarter. UK-based BP also said the US sanctions imposed on Russia had not yet had an effect on business, but that "any future erosion of our relationship with Rosneft, or the impact of further economic sanctions could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation," according to a statement released on Tuesday. (news.financializer.com). As reported in the news.