BP taps insider Bernard Looney as CEO, Dudley to leave in 2020

Bob Dudley was appointed to the top job in 2010 following the Deepwater Horizon disaster in the Gulf of Mexico. (Reuters)
Updated 04 October 2019

BP taps insider Bernard Looney as CEO, Dudley to leave in 2020

  • Bob Dudley was appointed to the top job in 2010 following the Deepwater Horizon disaster in the Gulf of Mexico

British oil major BP said on Friday upstream business head Bernard Looney will succeed Bob Dudley as chief executive officer when he retires next year after holding the role for nearly a decade.
Looney joined BP in 1991 as a drilling engineer, and took over as the head of the group’s oil and gas exploration, development and production business worldwide in April 2016.
Dudley, who was appointed to the top job in 2010 following the Deepwater Horizon disaster in the Gulf of Mexico, will leave after the company’s full-year results on Feb. 4 next year, BP said.
He has led the company through near-bankruptcy after it caused the largest oil spill in US history and an oil price crash.
“As the company charts its course through the energy transition this is a logical time for a change,” BP Chairman Helge Lund said in a statement.


Abu Dhabi fund suspends debt service repayments for countries, companies

Updated 12 July 2020

Abu Dhabi fund suspends debt service repayments for countries, companies

  • Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31

DUBAI: Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday.
The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.
Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31, the fund said in a statement.
It did not say which countries or companies would benefit or what the criteria would need to be met to be eligible.
“At a time when the world is reeling under the effect of the pandemic ... it is imperative for us to support particularly those that need it most, especially the low-income countries,” the fund’s director general Mohammed Saif Al-Suwaidi said.