BP names Inglis as new head of E&P

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The Independent Online

BP's chief executive designate Tony Hayward began to stamp his authority on the embattled company yesterday as his deputy Andy Inglis took his old job as chief executive of the crucial exploration and production business (E&P).

The company also sold its Coryton oil refinery, BP's last remaining refinery in the UK, for $1.4bn (£710m) to Switzerland's Petroplus Holdings.

Mr Inglis took on the role as Mr Hayward's deputy three years ago and oversaw the company's growth areas including the Gulf of Mexico. He was once himself seen as a potential successor to the outgoing chief executive Lord Browne.

BP's chairman Peter Sutherland said Mr Inglis's appointment - which he took up yesterday - would "enable Tony Hayward as group chief executive designate to focus on the transition, working closely with [Lord] John Browne in the period to the end of July".

BP has had to contend with a series of safety, environmental and production setbacks in the past two years, resulting in the shares being the oil sector's worst performers and hastening Lord Browne's departure in favour of Mr Hayward.

Petroplus Holdings is backed by the Carlyle Group, the secretive private-equity concern. BP said it would enter a long-term deal with Petroplus, which will supply BP's UK-based retail and other businesses.

The deal marks the end of an era for BP, which wants to streamline and concentrate on its downstream operations.

BP has run refineries in Britain since 1924 when it began operating at Grangemouth, near the Firth of Forth in Scotland. That refinery was part of the Innovene business sold for $9bn to Ineos Group in December 2005.

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