BP doing all to regain public confidence and to pay for oil disaster: Svanberg


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Tuesday, 21 June 2011
BP will set aside some $41billion to act on the aftermath of the oil disaster in the Gulf of Mexico such as cleaning, rehabilitation, fines and compensation claims, said the company's Swedish chairman, Carl-Henric Svanberg.

“We have come a long way in cleaning up the oil spill. It is gone and all the effects on the fishing industry is gone. Then we have donated $4 billion dollars to cater for the long-term effects, but we have no indications of anything of that sort,” said Carl-Henric Svanberg at an international energy conference in Stockholm.

“The world has an energy challenge, we expect that the world needs to produce 40 percent more energy driven by the sharp growth in developing countries. We’ll be totally dependent on fossil fuels for decades to come. Since it is important to do research on renewable energy, We have put down two billion dollars for that purpose,” said BP's chairman, Carl-Henrik Svanberg.

He, like the rest of BP's management, has been severely criticized since the oil disaster in the Gulf of Mexico, but he sits there and feels relatively safe in the saddle.

“It's not a question that I should go and think so much. We had a general meeting and I had 93 percent of the votes, so I felt like that is a good rating.”

For him, it is natural that people would be critical in light of everything that happened caused by the oil disaster and all those who were affected.

Svanberg also believes that it will take several years before the company would have regained the lost confidence. “We did a six-year job in six months; at least it seemed so,” said Svanberg, on that the company had worked extremely hard since the disaster.

The current crisis in Greece has not had much effect on BP. “The economic crisis in Greece is perhaps not large in itself, but it is an indication that it is shaky in the European system. Therefore all look carefully at how to try to get through this. And it's important for Europe to find a solution, but for BP, that may be less important as we extract oil all over the world.”
By Team

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