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By Carl Bagh | June 21, 2010 7:10 AM EDT
BP shifts PR focus to Russia, Hayward to meet Medvedev
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<!-- latest end -->BP Chief Tony Hayward, turns PR focus from US to Russia, plans to meet President Dmitry Medvedev to assuage fears that BP is on the verge of downfall, FT reported.
The move comes after BP announced on Monday that it has spent about $2 billion to curb the Deepwater oil spill.
The shift in PR focus comes after a catastrophic PR exercise which failed to garner support for the bruised BP image in US. Also Hayward's own personal image was further dented after he attended a yacht race in UK over the weekend.
Just days after establishing a $20 billion claims fund, BP CEO Tony Hayward was in UK meeting the BP board yesterday, to ascertain ways to fund the escrow.
The alternatives discussed were $10 billion bond circulation, $10 billion from banks and a $10 billion assets sale on top of the earlier $10 billion assets sales proposed last week, Sunday Times reported on June 20, 2010.
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It's the asset sale angle which has stoked fears among its international operations in host countries.
It's a valid strategy to move to Russia as it is one of its largest partners as BP produced some 840 thousand barrels per day in Russia in 2009 ahead of US where it produced around 665 thousand bpd. BP also holds 50 percent of TNK-BP in a joint venture in Russia.
Meanwhile, BP handed over the daily Gulf oil-leak management operations to American manager Bob Dudley.
The transition is timely as Russian President Medvedev had questioned as to whether the oil spill could result in BP's breakup, "Certainly, we are not indifferent to their future. ... Hopefully, they can absorb the losses." Medevedev told WSJ.
BP shifts PR focus to Russia, Hayward to meet Medvedev
<!-- article_title end --><!-- latest start -->Latest News in Companies
<!-- latest end -->BP Chief Tony Hayward, turns PR focus from US to Russia, plans to meet President Dmitry Medvedev to assuage fears that BP is on the verge of downfall, FT reported.
The move comes after BP announced on Monday that it has spent about $2 billion to curb the Deepwater oil spill.
The shift in PR focus comes after a catastrophic PR exercise which failed to garner support for the bruised BP image in US. Also Hayward's own personal image was further dented after he attended a yacht race in UK over the weekend.
Just days after establishing a $20 billion claims fund, BP CEO Tony Hayward was in UK meeting the BP board yesterday, to ascertain ways to fund the escrow.
The alternatives discussed were $10 billion bond circulation, $10 billion from banks and a $10 billion assets sale on top of the earlier $10 billion assets sales proposed last week, Sunday Times reported on June 20, 2010.
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It's the asset sale angle which has stoked fears among its international operations in host countries.
It's a valid strategy to move to Russia as it is one of its largest partners as BP produced some 840 thousand barrels per day in Russia in 2009 ahead of US where it produced around 665 thousand bpd. BP also holds 50 percent of TNK-BP in a joint venture in Russia.
Meanwhile, BP handed over the daily Gulf oil-leak management operations to American manager Bob Dudley.
The transition is timely as Russian President Medvedev had questioned as to whether the oil spill could result in BP's breakup, "Certainly, we are not indifferent to their future. ... Hopefully, they can absorb the losses." Medevedev told WSJ.