BP AUSTRALIA REPORTS 16.15 MLN DLR YEAR LOSS

  The &lt;British Petroleum Co of
  Australia Ltd> reported a 16.15 mln dlr net loss for 1986
  against a 73.38 mln dlr profit in 1985 after sales fell to 2.27
  billion dlrs from 2.94 billion.
      The British Petroleum Co Plc &lt;BP.L> unit attributed the
  deficit to stock losses arising from the drop in crude prices
  in the first half, when it made a 119.93 mln dlr loss.
      It said government compensation, in the form of subsidies
  to refiners to partially cover stock losses, together with
  improved crude prices in the second half, enabled the group's
  oil business to make a modest pre-tax profit.
      BP Australia said it had not recommended a dividend.
      Commenting on the year's performance, the company said it
  suspended operations at the 60 pct-owned Agnew Nickel mine
  because of losses sustained from declining nickel prices.
      The results also included an 11.3 mln dlr extraordinary
  writedown on the value of the laid-up oil exploration drillship
  Regional Endeavour.
      BP Australia said it had sold its 33-1/3 stake in chemical
  maker &lt;CSBP and Farmers Ltd> yielding an extraordinary profit
  of 18.9 mln dlrs and expected to finalise the sale of the 80
  pct-owned &lt;Kwinana Nitrogen Co> in the first half of 1987.
  

