BP joins Total in writing off oil investments in Libya
London
LIBYA has become a major headache for European oil companies as a four-year conflict forced BP Plc to join Total SA in writing off millions of dollars in investments in the North African country.
BP on Tuesday said it had taken an impairment of almost US$600 million in the second quarter as fighting forced it to suspend an oil exploration campaign. The unexpected charge was the main reason BP's earnings fell short of analysts' estimates.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly