Tony Hayward loses CEO job but stays at BP to run Russian venture

Tony Hayward was expected to resign Monday after a meeting in London to decide his fate. He’ll work for BP in Russia instead, managing his company’s role in TNK-BP, a joint venture considered one of BP’s best projects . After cultivating a reckless culture that led to the oil spill in the Gulf of Mexico 2010 and then botching BP’s response, Hayward seems is wiggling off the hook. But before he starts his new job, some senators want to ask him about a BP-Libya oil deal that stipulated the release of a convicted terrorist. Resource for this article – Tony Hayward steps down to run TNK-BP Russian oil venture by Personal Money Store.

Tony Hayward’s Siberian sojourn

BP boots Tony Hayward from the corner office in October. The New York Daily News ran an Associated Press report that said Hayward will probably be changed as BP’s CEO by Robert Dudley. Dudley is the man who replaced Hayward as BP’s director of the oil spill response. The board of BP’s Russian venture TNK-BP now has a seat for Hayward. In an ironic twist, Dudley led TNK-BP until he got on someone’s bad side and had to leave Russia in 2008.

Will Hayward fare better at TK-BP than Dudley?

Tony Hayward’s new post at BP’s 50-50 joint venture with Russian oligarchs suggests that his business nevertheless thinks more of him than most Americans and the United States political establishment. The TNK-BP venture, according to the Washington Post, is one BP’s most important projects—with 25 percent of its total production. But Robert Dudley’s experience proves the post can be a headache. After getting into a dispute with Russian shareholders, Dudley was forced to leave the country.

Did Tony Hayward make the BP-Libya oil deal?

Tony Hayward may be stepping down, but that won’t stop U.S. Senators Bob Menendez and Kirsten Gillibrand from trying to haul him before Congress. The senators will hold a hearing July 29 on the release of the Lockerbie bomber and the New York Observer reports that they want to ask Hayward a few questions. The senators have been pushing British officials for weeks to conduct a full investigation of the links between a BP-Libya oil deal and also the release of Lockerbie bomber Abdul Baset al-Megrahi. Menendez said he believed Hayward was within the middle of negotiations with the Libyans during the oil deal.

Further reading

nydailynews.com/

nytimes.com

observer.com