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Shareholders' Revolt Fails to Dent BP
The controversial subject of oil and tar sands – naturally occurring mixtures of sand, clay and bitumen – has been in the news recently with BP the latest oil company to receive scrutiny from its shareholders over its investment in an oil sand project in northern Alberta, Canada. BP has yet to commit to an investment of £6.5 billion into the so-called "Sunrise" oil sands project but, nevertheless, a coalition of investors has tabled a resolution forcing Chief Executive, Tony Hayward, to defend the investment at the AGM on 15th April.
Dominic Turner
shareprices.com - Monday, February 08, 2010
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Bitumen is heavy and extremely viscous oil that is notoriously difficult and expensive to extract and process into useful products such as petroleum and diesel. In fact the involvement of BP and its rival, Royal Dutch Shell, in oil and tar sands projects was the subject of a report by environmental activists Greenpeace, which warned investors of "the range of existing and emerging risks that BP and Shell face from their expansion of production" in Canada. A similar resolution was filed by shareholders at Shell's AGM last week.
BP has in the past been keen to demonstrate its lack of exposure to oil sands so what investors will make of this apparent about turn is anybody's guess. The controversy did not appear to have much effect on BP's share price which was up 3.2p or 0.57% at 563.2p approaching the close on Monday afternoon. Shell did even better, climbing 24p or 1.24% to 1,679.5p on a day that saw crude oil prices dip below $71 a barrel at one point.
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| Value | Change |
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