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UPDATE 1-Oil companies cancel IP Week receptions due to coronavirus

Fri, 14th Feb 2020 18:04

(Recasts, adds information on more reception cancellations)

By Olga Yagova and Dmitry Zhdannikov

MOSCOW/LONDON, Feb 14 (Reuters) - Oil companies are
cancelling their receptions at International Petroleum Week (IP
Week) in London at the end of this month as concerns over the
spread of coronavirus rise, five traders told Reuters on Friday.

IP Week is a key oil traders' gathering that takes place
every year in February. This year, it is scheduled for Feb.
24-27.

"Due to recent global developments concerning the spread of
the coronavirus and after careful consideration, we
unfortunately had to decide to cancel this year's lunch," Vopak
said in a message sent to its clients, seen by Reuters.

Bureau Veritas, a leading oil inspection company, also
informed its costumers it had cancelled its annual IP Week
reception.

"Due to the exceptional circumstances related to the
coronavirus outbreak all businesses have been instructed by
management to cancel our annual client function ... in London.
It also seems that some of the other planned IP Week events were
cancelled yesterday and today," said a message from Bureau
Veritas to its costumers, also seen by Reuters.

Oil company BP has cancelled all its IP Week events
as well and instructed staff to avoid attending costumer events,
two sources familiar with the matter told Reuters.

BP didn't respond to a request for a comment. Bureau Veritas
representatives were not available to comment. Vopak did not
reply to a Reuters request for comment.

Reuters has reported that several oil companies based in
Asia have decided to miss IP Week events this year due to the
coronavirus epidemic.

Health authorities on Friday reported more than 5,000 new
cases of the virus.
(Reporting by Olga Yagova and Dmitry Zhdannikov, additional
reporting by Ron Bousso, editing by Louise Heavens and Mark
Potter)

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