Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

It's No Go

Read more

DEBATE

Will They Stay or Will They Go?

Read more

AFRICA NEWS

Nigeria attack: Bomb blast in college in Kano

Read more

MEDIAWATCH

Scotland's relationship status: "It's complicated"

Read more

DEBATE

Hollande Press Conference: French President Tackles Record Unpopularity

Read more

FOCUS

Cleaning up Thailand's shady surrogacy industry

Read more

ENCORE!

The Biennale des Antiquaires: Where Miro meets million-dollar jewellery and antiques

Read more

THE OBSERVERS

Attacks on migrants in Tangiers and unwelcome stares from men in Cairo

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

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)