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Last Updated: Friday, 15 September 2006, 06:10 GMT 07:10 UK
Investors seek BP safety meetings
Workers inspecting oil transit lines at the Prudhoe Bay oil field
BP has admitted its made mistakes at Prudhoe Bay
BP investors have reportedly requested meetings with the firm's directors after a series of US incidents raised questions about its safety record.

Investors want reassurances that the closure of part of the Prudhoe Bay oil field in Alaska is not indicative of a systematic problem, the FT reported.

The oil field, the largest in the US, was partially closed after serious corrosion was found in pipelines.

BP said it had regular meetings with investors at all levels.

BP bosses have been under fire over the firm's safety record following the Prudhoe Bay incident and an explosion at the firm's Texas City refinery near Houston last year, which killed 15 people.

The Financial Times reported that a number of leading investors, including Morley Fund Management, are seeking one-to-one meetings with BP bosses to discuss the issue.

Questions

"Following Prudhoe Bay there have been questions about the financial implications," said Rory Sullivan, head of investor responsibility at Insight Investment Management.

"Prudhoe Bay raises questions at the operational level about the role of senior executives and governance of the company."

BP's maintenance record was fiercely criticised by US lawmakers in a Congressional hearing into the Prudhoe Bay closure, which was triggered by an oil spill at the site.

BP, which met with shareholders after the Texas City incident, said it did not comment on specific meetings.

But it added: "We have regular meetings with investors at all levels, sometimes at their request and sometimes at ours."


SEE ALSO
BP rebuked for pipeline failings
07 Sep 06 |  Business
BP facing US oil prices lawsuit
06 Sep 06 |  Business
BP faces shareholder legal action
16 Aug 06 |  Business
US investigates BP's oil trading
29 Aug 06 |  Business
BP accused of price manipulation
29 Jun 06 |  Business

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