Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

BP's downstream boss Erginbilgic to leave next month

Published 02/07/2020, 05:07 AM
Updated 02/07/2020, 05:07 AM
© Reuters. FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

By Ron Bousso

LONDON (Reuters) - BP's (L:BP) head of downstream Tufan Erginbilgic will step down next month after six years in the job, the energy company said in a statement, becoming the latest top executive to leave as CEO Bernard Looney takes over.

Erginbilgic, who joined BP in 1997, oversaw the expansion of the downstream business, which includes refining, retail and petrochemicals, into electric vehicle charging and added thousands of petrol stations in developing economies such as India and Mexico.

The announcement on his departure comes two days after Looney took the helm from Bob Dudley.

It follows Chief Financial Officer Brian Gilvary's decision to leave the company in June. Looney's successor as head of upstream has yet to be announced.

Erginbilgic's successor will be announced separately, BP said.

"Under Tufan's leadership, BP's Downstream has been at the heart of our return to growth; what he has achieved in this time is extraordinary," Looney said in a statement.

Downstream helped boost BP's profit after the 2014 oil price collapse, offsetting weaker revenue from the larger oil and gas production division.

© Reuters. FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

The expansion in retail and petrochemicals are seen as key for BP as the world shifts away from fossil fuels, focusing on low-carbon fuels and plastics whose demand BP expects to continue growing sharply in the coming decades.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.