BP Names New Group Chief Economist
BP today announced the appointment of Spencer Dale as its new Group Chief Economist with effect from the end of October. Mr Dale joins BP from the Bank of England where he is currently Executive Director for Financial Stability Strategy and Risk. He is also a member of the Bank’s Financial Policy Committee. In his previous capacity as the Bank’s Chief Economist, Mr Dale served for six years on the Monetary Policy Committee. Since joining the Bank in 1989, Mr Dale’s roles included working as private secretary to former Governor Mervyn King and a secondment as a visiting Senior Adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System in the United States.
Iain Conn to Leave BP
BP today announced that Iain Conn, Group Managing Director and Chief Executive, Downstream, is leaving the company and is to step down from BP’s board by the end of the year. Conn has had a career of 29 years with BP, serving on the board for the past 10 years and in his current Downstream role for the past seven. The Downstream comprises BP’s three main global Customer-facing businesses: Fuels, including refining; Lubricants (principally under the Castrol brand); and Petrochemicals. Under Conn’s leadership, BP’s Downstream segment has been repositioned strategically and operationally. Conn also holds group regional responsibilities for Europe, Asia and Southern Africa. Conn will hand over the role of Chief Executive, Downstream to Tufan Erginbilgic on 1 October 2014.
BP & CNOOC Sign 20-yr LNG Deal
BP and the China National Offshore Oil Corporation (CNOOC) today announced a heads of agreement for the supply of up to 1.5 million tonnes of liquefied natural gas (LNG) per year over 20 years starting in 2019. The agreement was signed in London by BP Executive Vice President, Dev Sanyal and CNOOC Chairman, Wang Yilin, in the presence of UK Prime Minister David Cameron and Chinese Premier, Li Keqiang. Bob Dudley, BP Group Chief Executive said: “This is a significant deal for BP and China but it also marks a step up in global connectivity in the gas market. This is important for all countries and regions looking at the diversity of energy supply and energy security - it gives BP greater flexibility to respond to the changing energy demands from Europe, Asia and other regions.
