British Petroleum Commits to UK Regardless of Brexit

BP is committed to staying headquartered in Britain, CEO Bob Dudley told CNBC on Monday.

Dudley, who is in Cairo for the Egypt Petroleum Show, was asked if BP’s head office would remain in the U.K. regardless of the outcome of Brexit negotiations, or whether the company’s presence was conditional on how talks panned out.

“No, no, we’re deeply committed, I mean it’s a great British company, it’s been around for a century — absolutely, BP is there,” he said.

“It’s not for me to speak for Britain by the way, on the negotiations, so nobody should misunderstand that, but for BP, (we’re) deeply committed to Britain, we will be around for a long, long time.”

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Dudley added that BP was “very proud to be a British company.”

Regarding Brexit negotiations, Dudley said that he was sympathetic to U.K. Prime Minister Theresa May “for everyone wanting to know every move she’s going to make. I mean, you’re in oil and gas, you negotiate all the time, constantly, and negotiations, you don’t do them publicly.”

Everyone needed to take a deep breath when it came to the negotiations, Dudley added. “There are people that want to report on everything every day. That’s not realistic, and in my experience negotiations don’t come together until closer to a deadline, so I think it’s unrealistic for her to negotiate in public. I think that’s not good for the country, actually.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza