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BP CEO Expects Impact In Its Downstream Business

British energy giant BP Plc's (BP.L,BP_UN.TO,BP) Group chief executive Bob Dudley said that the company is seeing the impact in its Downstream business as well, where Tufan Erginbilgic's team have been doing a terrific job.

At Annual General Meeting, Dudley said, "We're back in solar in a new and exciting way having joined forces with Europe's leading solar developer to create the Lightsource BP partnership…. We're already helping extend Lightsource's global reach with a deal to invest in renewable projects in India."

Dudley said, "Upstream, Downstream and in our Alternative Energy business we're firing on all cylinders."

Dudley noted that the company is back to growth and pursuing new opportunities.

Next month the company will be announcing first gas flowing to Turkey from massive Shah Deniz project in the Caspian - flowing through new pipelines that the company is building to take gas onto Europe.

The company has set a target of 3.5 million tonnes of greenhouse gas emissions reductions by 2025 and we'll do that through improved energy efficiency, fewer methane emissions and reduced flaring.

At the annual general meeting, the company's chairman Carl-Henric Svanberg said it is in the interests of the company and shareholders "that future remuneration policies can be left to work on their own merits without frequent use of discretion".

"Our executives should have the certainty that their efforts deserve. This will require that we, from both sides, spend the time wisely to agree policies that can meet this goal," he added.

The Board of BP p.l.c. announced that with effect from the close of the AGM on 21 May 2018, Mr Paul Anderson has retired as a Non-Executive Director and Dame Alison Carnwath has been appointed as a Non-Executive Director. On joining the Board, Dame Alison will also be appointed to the audit committee.

Dame Alison Carnwath practiced as a chartered accountant before going on to hold a number of senior financial advisory roles with Schroder Wagg & Co and the Phoenix Partnership. Dame Alison has worked as a senior advisor at Evercore Partners (previously Lexicon) since 2005 and has been involved with Livingbridge LLP as chairman of the investment committee and chairman of the strategic advisory board. She is currently a non-executive chairman of Land Securities Group plc and will be stepping down from this role in July 2018.

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