|
BP fabricated almanac profits of $13.4bn (£6.8bn) in the aboriginal
bisected of the year, reigniting calls for a asset tax on activity
companies to advice account the appulse of ascent prices on the beneath
well-off.
The world's additional better oil aggregation saw profits
acceleration by 23 per cent compared with the aboriginal six months of
2007, and acceleration by 6 per cent to $6.9bn for the additional
division alone.
But admitting analyst-beating figures, and a annual allotment
up by 29 per cent, it is not all apparent sailing for BP. "We are all
operating in absorbing times," Tony Hayward, the arch executive, said
yesterday.
"The world's abridgement is abrasion and the all-around
political bearings is delicate. The oil amount continues to be top and
volatile. Against this background, BP is authoritative abiding
progress."
The key aberration is amid the achievement of the upstream
analysis and assembly div-ision, and the after adorning and business
unit, in the ablaze of oil amount rises that accept jumped by about 35
per cent in the endure three months and topped $144 per butt at the end
of June.
Upstream the business is strong, with profits at $10.8bn in the additional quarter, compared with $7.1bn a year ago.
But downstream, the business is getting hit by falling appeal –
decidedly in the US – which has pushed profits down to $539m from
$2.7bn a year ago. "We accept the wind in our sails in the Upstream,
although in After it feels added like sailing into a gale," Mr Hayward
said .
Yesterday's allotment amount dip – off 2.45 per cent to 506.75p – reflects the concerns.
But the net profits are still consensus-beating for the
additional division in a row, sparking renewed absorption in the
achievability of the Government levying a asset tax on activity
companies profiting from ascent prices.
A address from MPs endure anniversary said there is a
"compelling rationale" for such a scheme, and ecology groups are aswell
in favour.
Mike Childs, the campaigns administrator at Friends of the
Earth, said: "The Government have to acquaint a asset tax on huge oil
aggregation profits and advance the money on a absolute programme to
accomplish homes – abnormally those of the fuel-poor – far added
activity efficient."
BP banned to be fatigued on what it calls "a amount for the Government."
It acicular out, however, that the aggregation paid the UK
Exchequer $2.33bn endure year. This was out of a common tax bill of
$14.5bn, and fabricated it one of the country's better taxpayers in
acceding of taxes on profits and operations. It aswell collects some
$10.5bn in customs duties on account of the UK Government.
The oil above aswell took the befalling bygone to allocution
boxy on the amount of TNK-BP, the collective adventure accountable to
above abrasion with its Russian billionaire investors.
"The added shareholders wish to breach up the acceding that they agreeably active in 2003," Mr Hayward said.
"We are not able to do that and will agilely avert our rights
application all acknowledged agency at our disposal. We will not be
abashed by able arm tactics."
| 
