Iain Conn News
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BP Plc’s southern African unit said it will invest 5.5 billion rand ($596 million) in the next five years improving oil refining and storage in the region, including an upgrade of South Africa’s largest oil refinery.
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Stephen Schwarzman, the billionaire chairman of Blackstone Group LP, is setting up a $300 million scholarship for foreign students to attend China’s Tsinghua University, the alma mater of senior officials including President Xi Jinping.
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BP Plc, which announced plans to sell two of its five U.S. refineries in 2011, is interested in adding refining capacity in Asia that could be used to sell fuel to China.
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BP Plc Chief Executive Officer Bob Dudley was denied a bonus in shares for last year after the company’s profit dropped and the stock slipped 8 percent.
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BP Plc reported a “significant bounceback” in its U.S. refining and marketing operations in the second quarter because of cost-cutting and higher margins.
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BP Plc agreed to sell its Texas City refinery, site of one of the deadliest U.S. industrial accidents in 20 years, to Marathon Petroleum Corp. for at least $598 million in cash, less than BP planned for the deal last year.
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BP Plc expects to fetch at least $4.4 billion from selling half of its crude refining capacity in the U.S. and some retail assets as it raises cash to pay for last year’s Gulf of Mexico oil spill.
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BP Plc Chief Executive Officer Tony Hayward has the backing of the board and is not about to resign, according to Iain Conn , the oil company’s head of refining and marketing.
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BP Plc Chief Executive Officer Tony Hayward has the backing of the board and is not about to resign, according to Iain Conn , the oil company’s head of refining and marketing.
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BP Plc, which last year caused the U.S.’s worst-ever oil spill, today pledged another 10 million pounds ($15.5 million) to four cultural institutions for the next five years.
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