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However, most of the gas produced is consumed locally. Talks are currently underway for exporting natural gas to Europe, via Turkey, through TANAP line of SOCAR. Russia, which faces severe sanctions from the West, is the second largest contributor to BPs crude production and earnings. This contract would significantly reduce BPs reliance on Russia.
Following the signing of the contract, BMO Capital upgraded the stock of BP from market perform to outperform rating.