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Hostile Shareholders Grill BP Executives

7 years ago37 views

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BP executives are grilled by shareholders at a stormy annual general meeting in London. The company, rated the third largest energy company in the world, is facing questions over the Gulf of Mexico oil spill and its troubled Russian venture with Rosneft.

BP's shareholders, met with noisy protests as they arrived at the company's annual general meeting in London.

It's nearly a year since the start of the Gulf of Mexico oil spill, a disaster which has cost BP more than $50 billion in clean up and compensation costs.

Bob Dudley became CEO to help turn the company around.

He told shareholders BP has lived up to its responsibilities since the spill.

[Bob Dudley, BP CEO]:
"Over 99 percent of the Gulf is now open for fishing, and government testing has consistently found Gulf seafood safe to eat, and as the chairman has said we continue to meet our obligations. We have paid over five billion dollars in claims to individuals, businesses and government entities for environmental remediations."

But this group from Louisiana are in London to say they've seen little of that money.

Oysterman Byron Encalade says his business was destroyed by the spill.

He says he's received only a fraction of the compensation he should have, and his message to BP's shareholders was simple.

[Byron Encalade, President, Louisiana Oysterman's Association]:
"To inform the people, this is their money which is being wasted down there, that's going places that we don't know, because we're not getting it, I can testify to that."

Another of BP's problems is a planned partnership with state-owned Russian company Rosneft which is bogged down in the Russian courts.

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