BP CEO Doesn't See Adverse Effect From U.S. Russia Sanctions Bill

By Michael Amon Features Dow Jones Newswires

BP PLC (BP.LN) Chief Executive Bob Dudley said the Russia sanctions bill recently passed by Congress shouldn't affect the British oil company's work with Russian state-owned energy giant, Rosneft PAO.

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"We're not aware of any adverse effect," Mr. Dudley told analysts on a conference call about BP's earnings on Tuesday.

Mr. Dudley said an earlier version of the sanctions bill was "full of unintended consequences" that could have affected BP's operations in Azerbaijan and even in Egypt.

The new version of the sanctions--passed in response to alleged Russian interference in the U.S. election--targeted Russian energy operations, among other things. The European Union had raised objections to the sanctions, saying they could affect European oil companies' work with Russian companies.

The sanctions bill is expected to be signed into law by U.S. President Donald Trump.

BP owns nearly 20% of Rosneft, a company with a chairman, Igor Sechin, that has been the target of previous American and European sanctions.

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-Write to Michael Amon at michael.amon@wsj.com

(END) Dow Jones Newswires

August 01, 2017 05:51 ET (09:51 GMT)