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CEO of BP Gets Booted Out with Million Dollar Pension

Middle East : 29 July

Hayward to be replaced by Minnesota native Robert Dudley but leaves with $1.2 annual pension

A recent announcement names Dudley as the new CEO of BP, relieving Tony Hayward of his stressful position as of October 1.

Hayward’s time with the company has been crowned by the recent oil spill and a fall in value of more than $100 billion.  He will exit with an annual pension of $1.2 million for life and the possibility of sharing in a large package valued in the millions, available if BP’s worth climbs back up in the future.

Hayward remains a member of the BP board until the end of November.

Inevitably Hayward himself has been tied tightly to BP’s troubles in the Gulf of Mexico oil spill.  He moves north to Siberia after stepping down to become the head of TNK-BP, the company’s Russian endeavor.

BP updated their earnings in a statement this week, also stating that the resolution with Hayward was mutually agreed on.

The pre-tax charges taken in relation to the Gulf of Mexico disaster total $32.2 billion for BP, who will sell off assets of $30 billion to cover those charges, spreading the sales out over 18 months.

The recent spill is the largest oil-related disaster in the history of the US and backlash has not let up, beating the British oil firm hard.

Hayward has been with BP for 28 years and was recruited to make the oil group’s management stable.  His bumbling attempts to handle the recent disaster have been less than savvy, putting his position and firm at risk.

The oil leak sprung under the waters near the end of April has pumped over 5 million barrels of oil throughout the Gulf of Mexico, as estimated by the US government.  The spill has reached the coastlines of five US states, damaging their economy and inflicting injury and death on innumerable sea life and birds.

Andrew Reid, Staff Writer, Gulf Jobs Market News
20 July

Japan Receives First LNG on Q-Max from QatarGas

Commonly known as ‘QatarGas’, Qatar Liquefied Gas Co (QLGC), exporter as well as producer of fuel, delivered its first shipment to Japan on a Q-Max vessel.
One of Q-Max’s ships, Mozah, is one of the biggest ships on the globe with a capacity of carrying 266,000 cubic-meters of fuel.
QatarGas is looking for more ports in the [...]

19 July

Ducab Clinches Second Multi-Million Dollar Deal to Supply Gas Cables

Leading cable manufacturer, Duncab, has been awarded its second contract for the Abu Dhabi Integrated Gas Development (IGD) Project. The contract, which was negotiated in Japan, is worth US$13.8-million, bringing the total worth of the two contracts it has been awarded to US$35-million.
This was confirmed following a US$20.5-million agreement between Ducab and Hyundai Engineering & [...]

19 July

Petrol is the Most Expensive in the UAE Among the GCC Countries

The latest pricing structure, announced on July 15, resulted in the UAE charging more for fuel than any other nation in the Gulf Cooperative Council (GCC). This makes the UAE the most expensive oil-rich GCC country.
This year alone, E-plus, the lowest grade of petrol available to motorists has shot up by close to 28 percent. [...]

06 July

BP Disaster May Lead to Higher Gulf Oil Production

Crescent Petroleum’s Executive Director, Badr Jafar is predicting an increase in the role of the Arabian Gulf with respect to the global supply of oil in the wake of the Deepwater Horizon Oil disaster.
Mr Jafar said that it was “unquestionable” that the Oil and Gas industry would not be subject to greater scrutiny particulary in [...]

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