Don't miss

Replay


LATEST SHOWS

ENCORE!

Deep Purple: 'To plan a last gig, that's very frightening!'

Read more

THE CAMPAIGN BEAT

#SansMoiLe7Mai: voters debate whether to abstain in round two

Read more

EYE ON AFRICA

Kenya: At least one dead in violence linked to election primaries

Read more

THE INTERVIEW

French presidential election: The view from Berlin

Read more

BUSINESS DAILY

Trump's tax plan is 'too thin and too late'

Read more

IN THE PAPERS

Trump's tax reform: A 'home run' or 'laughable stunt'?

Read more

IN THE PAPERS

'It's War!' Le Pen and Macron in showdown at Whirlpool factory

Read more

MEDIAWATCH

French presidential election: Posters and political spin

Read more

THE CAMPAIGN BEAT

Macron and Le Pen battle it out to woo blue-collar workers

Read more

Business

Troubled BP mulls split in wake of Gulf disaster, British media say

Text by News Wires

Latest update : 2010-07-18

Oil giant BP may split up by scaling back its US operations and selling off refineries and petrol stations in the wake of the Gulf of Mexico oil spill and the ensuing uphill battle to rebuild its reputation, British media report.

AFP - Oil giant BP could split itself up by scaling back its US operations and selling refineries and petrol stations in the wake of the Gulf of Mexico oil spill, Britain's Sunday Times newspaper reported.
   
The troubled British-based firm is facing a battle to rebuild its reputation following the worst environmental disaster in US history, which may now have been contained following the capping of a ruptured oil well.
   
Directors of the firm are at an early stage of canvassing shareholders about possible options, which include increasing the amount of in-house engineering which takes place, rather than outsourcing it, the paper said.
   
"BP seems to have accepted that it will be a smaller business. It is prepared to consider anything," an unidentified investor told the Sunday Times.
   

Some investors are also now reportedly considering whether chief executive Tony Hayward, who faced heavy criticism for a series of public relations blunders during the crisis, could stay on, despite previous calls for him to quit.
   
The Mail on Sunday reported that BP's board would meet Thursday to decide on the first in a series of asset sell-offs.
   
BP has so far spent at least 3.5 billion dollars dealing with the spill, and compensation claims could eventually cost 10 times that amount.
   
A spokesman for the firm declined to comment.

 

Date created : 2010-07-18

  • GULF OF MEXICO

    No sign of new leaks in capped oil well, BP says

    Read more

  • GULF COAST

    Oil chiefs say BP spill was 'preventable'

    Read more

  • USA

    Senate to probe BP's role in release of Lockerbie bomber

    Read more

COMMENT(S)