BP Plc Will Be Free From Russian Crude Supply Agreement by The End of The Year

BP Plc Will Be Free From Russian Crude Supply Agreement by The End of The Year

BP Plc has cleared its crude plant in Europe and expects to end most of its long-term supply contracts with the country by the end of the year.

The UK is one of several European companies refraining from buying Russia’s new oil and gas because of the Vladimir Putin attack in Ukraine. However, some are still linked to a long-term agreement that limits their efforts to expel themselves from Moscow.

“We are working hard to eliminate Russian particles from the system,” BP CEO Bernard Looney said in an interview on Tuesday. “We are following the current agreements – they are only a small number right now. I think we will all be eliminated at the end of the year.”

Competitor Shell Plc in London has come under fire for buying Russian Urals crude stocks with a record low in March, as well as for introducing a mechanism in the oil market that allows buying crude oil could be part-Russian. Shell has discontinued this type of business here and revised its refined product forecast.

BP itself does not allow it to buy any refined oil that has been combined with Russian products, according to Looney.

The president said, “We’re working very hard on the number of Russian particles in the system.” Maybe it’s low, I don’t have the numbers. “

The company has completely dismantled four of its European restaurants – in Spain, the Netherlands and Germany – of Russian food, Looney said in a call with investigators following a complaint received earlier Tuesday.


BP Plc Will Be Free From Russian Crude Supply Agreement by The End of The Year

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