BP cutting 4,000 jobs in exploration, productionJanuary 12, 2016 - 16:27 AMT PanARMENIAN.Net - Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude, the Associated Press reports. The cuts in BP's upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday, Jan 12, comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide. Company officials began notifying employees of the action in town hall meetings in Scotland. Mark Thomas, regional president for BP North Sea, says in a statement that because of toughening market conditions "we need to take specific steps to ensure our business remains competitive and robust." Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |