BP Shipping Places $573.4 Million Newbuild Order with Hyundai Mipo

In an exchange filing today, Hyundai Mipo Dockyard in South Korea announced  602.7 billion KRW ($573.4 million) order from BP Shipping for fourteen product tankers. The period of the construction contract extends to July 2017. This order is part of "Project Neptune" a fleet rejuvenation program that BP is launching this year. Established in 1915, BP Shipping's fleet is … [Read more...]

BP Executive Suspended Over Tanker Chartering Scandal

LONDON -(Dow Jones)- The senior BP PLC (BP.LN) executive accused of taking cash payments in return for giving sweetened tanker chartering terms has been suspended pending the outcome of an inquiry, the Daily Telegraph reports Monday. According to the paper, the executive in BP's shipping division has been put on leave of absence while an investigation completes its work. The … [Read more...]

Impropriety Investigation Continues at BP Shipping

LONDON -(Dow Jones)- BP PLC (BP.LN) is investigating allegations of impropriety in its shipping division but still doesn't know whether there is any substance to claims a member of staff paid higher than usual rates to charter oil tankers. "We are investigating [the allegations] and co-operating with U.K. authorities," said Chief Executive Bob Dudley, adding "we don't know … [Read more...]

BP Investigating Bribery Allegations At Tanker Division

LONDON (Dow Jones)--BP PLC (BP) said Thursday it is conducting an internal investigation into allegations of bribery at its tanker chartering division, after a letter detailing alleged corruption was sent to its chief executive last week. The allegations, which center on the relationship between a senior BP employee and one of the company's suppliers, are contained in a … [Read more...]