Source: The News
Date: July 21, 2010
Employees’ transfer will be part of deal with new buyer
KARACHI: British Petroleum (BP) Plc, shaken by the massive oil spill in Gulf of Mexico, has informed the government about its decision to divest exploration and production operations in Pakistan by the year-end, company spokesperson said on Tuesday.
“You will see actual transaction taking place anytime around December,” said Sabeen Jatoi, spokesperson of the British Petroleum.
British Petroleum’s decision to pullout from Pakistan remains in line with its plan to sell global assets to help raise funds to compensate for the worst oil spill in the US history, which underlined the risks associated with the deep-sea drilling.
BP unveiled plans last month for around $10 billion in asset sales following the oil spill, which has caused an economic and environmental disaster in five US states along the Gulf Coast. The company said that it had already spent $3.95 billion on efforts to cap the well and clean up the spill. Jatoi said that the company will retain Castrol, which remains in the downstream business of oil and lubricants in Pakistan.
The company resolves to ensure that all employees are transferred to the new buyer and their jobs made secured for at least a couple of years, she said.
“A lot of employees working with us joined much before when we acquired operations in 2000 so they will be retained like it happened in the past,” Jatoi said.
British Petroleum acquired Pakistan’s operations of ARCO (Atlantic Richfield Company) in 2000, which purchased assets of Union Texas in 1990. The company was originally formed in late 70s and started production in early 80s.
For details: http://www.thenews.com.pk/daily_detail.asp?id=251849
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