BP may sell its refineries and petrol stations
THE board of BP is believed to be examining options for the oil giant
including offloading its refining and petrol stations businesses.
The company declined to comment on "market rumours" yesterday
though it has been suggested that the board has drawn up a
report entitled Future BP, which will be discussed at
the board meeting a week tomorrow when the company is due to unveil
One industry source, who was unaware of the report,
said that rumours about the company splitting itself up
were something that came up regularly.
However, there were strong indications that disposing of assets
may be a response to political pressure for change followin
the oil spill in the Gulf of Mexico.
Its plans are said to include selling its American operations -
Its plans are said to include selling its American operations -
with Exxon Mobil considered a potential buyer -
and ending its practice of outsourcing large projects, a move
that appears to deal with the problems associated with
the Deepwater Horizon crisis.
The directors expect to face the Senate committee
investigating possible links with the release
of the Lockerbie bomber.
BP could also face a ban on offshore drilling in the US.
Selling the downstream business would affect 50,000
Selling the downstream business would affect 50,000
employees,more than half its workforce.
The EU energy commissioner was criticised yesterday
for calling for a temporary ban on drilling in the North Sea.
Trade body UK Oil & Gas told Scotland on Sunday
it risked £6 billion of investment.
Comments