BP dividend increase cheered by investors

BP’s ‘very patient’ shareholders and pension funds get 12.5% rise in dividend – still below payout before Deepwater HorizonBP has rewarded “very patient” shareholders and pension funds buffeted by the group’s travails in the wake of the Deepwater Horizon disaster with a double-digit increase in its dividend.A week after announcing the $27bn (£17bn) sale of […]
Continue reading…

Enjoyed this post? Share it!

 
 

Taking a stake in Rosneft is a big gamble for BP | Nils Pratley

A clean cash exit from Russia was never on the table for BP – but tying up 10% of the company’s value in Rosneft is a big puntThe demand to the board from many BP shareholders was loud and clear – when getting out of TNK-BP, make sure you maximise the cash proceeds and minimise […]
Continue reading…

Enjoyed this post? Share it!

 
 

BP to sell stake in Russian joint venture TNK-BP to Rosneft

Deal will eventually see the UK-based oil group receive $12.3bn in cash plus an 18.5% stake in Kremlin-controlled RosneftBP is to sell its 50% stake in the Russian oil group TNK-BP to the Kremlin-controlled Rosneft in a deal worth about $27bn (£17bn) to the British company, both parties announced on Monday.The transaction, which will eventually […]
Continue reading…

Enjoyed this post? Share it!

 
 

BP poised to sign Rosneft deal

BP remains on the verge of agreeing a $27bn (£17bn) deal that would allow the oil company to extricate itself from a troubled joint venture in RussiaBP remains on the verge of agreeing a $27bn (£17bn) deal that would allow the oil company to extricate itself from a troubled joint venture in Russia, but force […]
Continue reading…

Enjoyed this post? Share it!

 
 

BP ready for £17bn Rosneft deal – and closer Kremlin ties

• Arrangement will allow exit from troubled joint venture TNK-BP • Rosneft could become world’s biggest oil company • BP to be its second largest stakeholder after Russian stateBP is preparing to announce a $27bn (£17bn) deal that would allow the oil company to extricate itself from a troubled joint venture in Russia, but force […]
Continue reading…

Enjoyed this post? Share it!

 
 

Fears grow over Conservatives’ links to fossil fuel lobbyists

Sacked energy minister warns Britain must not ‘bet the farm’ on shale gas extractionGovernment backing for new forms of gas extraction such as “fracking” are coming under acute scrutiny, after a sacked energy minister warned against “betting the farm” on them and green groups expressed alarm at links between the fossil fuel lobby and the […]
Continue reading…

Enjoyed this post? Share it!

 
 

From the archive, 20 October 1987: Bloodbath as City suffers worst-ever day

Stock markets around the world ended yesterday in tatters as Wall Street’s nosedive continuedStock markets around the world ended yesterday in tatters as Wall Street’s nosedive continued. No major market was able to withstand the impact of New York’s sustained attack of nerves.In the Far East, Tokyo took an overnight hammering whilst Hong Kong and […]
Continue reading…

Enjoyed this post? Share it!

 
 

TNK-BP whistleblower wins case

Oil firm loses attempt to extend gagging order preventing former logistics head disclosing documents alleging corruptionTNK-BP has lost a high court case to prevent a former employee disclosing documents relating to alleged corruption on the eve of a deadline that could decide the ownership of the Russian business.Mr Justice Morritt, the chancellor of the high […]
Continue reading…

Enjoyed this post? Share it!

 
 

Nick Clegg announces support for new transparency law

Deputy prime minister calls for tough new rules covering energy company payments to governments following meeting with BonoNew rules to force oil, gas and mining companies to publish payments to any government of more than €80,000 (£64,525) will be supported by the UK, the deputy prime minister, Nick Clegg, said on Thursday.The Liberal Democrat leader […]
Continue reading…

Enjoyed this post? Share it!

 
 

Deepwater Horizon settlement talks stall as US demands $18bn from BP

Reports indicate talks over payment for the 2010 disaster have hit a snag as BP split over whether to push for $15bn payoutTalks between BP and the US government over a settlement for the 2010 oil spill have stalled because the US is insisting that the British oil giant pay at least $18bn, according to […]
Continue reading…

Enjoyed this post? Share it!