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BP is facing years of litigation over its deadly Gulf of Mexico platform explosion and the resulting oil spill. But its prospects in Russia are better than ever, reports The New York Times. Outgoing CEO Tony Hayward, who stumbled so badly as company spokesman in the aftermath of the explosion, is now on the board of the joint BP-Russia oil venture, and BP plans to explore oil and gas prospects in Russia's Arctic. Russia is also talking to BP about buying assets; BP needs the cash to help pay its oil spill compensation costs.
From The Times:
In London, Dudley today announced a new BP unit to monitor safety throughout company operations and fired the man who was in charge of production.
Back in the U.S., meanwhile, the Justice Department has decided not to revoke BP's probation over safety violations at the Texas City refinery, where a 2005 explosion killed 15 workers. Visit ProPublica for more on that.
From The Times:
BP's warm relationship with the Russians is a startling turnaround given how grim the situation was two years ago.
[Incoming CEO Robert] Dudley, who headed TNK-BP at that time, was forced into hiding in 2008 after worsening disputes with the government and BP's Russian business partners led to the revocation of his work visa. Relations were so bad that Russian security agents raided the company's offices in Moscow and arrested an analyst on industrial espionage charges.
But by August, it was all bear hugs when Hayward and Dudley visited Moscow and met with Igor I. Sechin, Russia's deputy prime minister for energy policy and a close ally of Prime Minister Vladimir V. Putin.
[Incoming CEO Robert] Dudley, who headed TNK-BP at that time, was forced into hiding in 2008 after worsening disputes with the government and BP's Russian business partners led to the revocation of his work visa. Relations were so bad that Russian security agents raided the company's offices in Moscow and arrested an analyst on industrial espionage charges.
But by August, it was all bear hugs when Hayward and Dudley visited Moscow and met with Igor I. Sechin, Russia's deputy prime minister for energy policy and a close ally of Prime Minister Vladimir V. Putin.
In London, Dudley today announced a new BP unit to monitor safety throughout company operations and fired the man who was in charge of production.
Back in the U.S., meanwhile, the Justice Department has decided not to revoke BP's probation over safety violations at the Texas City refinery, where a 2005 explosion killed 15 workers. Visit ProPublica for more on that.
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