Report: BP Selling London HQ for $324M


November 4, 2020
Credit: BP

Credit: BP

British oil major BP is close to selling its central London headquarters for about 250 million pounds [around $324,4 million] as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday.

The office, located at St James' Square, which houses about 500 employees is under offer to Lifestyle International Holdings, a Hong Kong-based investor, FT reported, citing people familiar with the matter.

The London-based company in October announced plans to lay off around 10,000 employees, about 15% of its global workforce, at a cost of around $1.4 billion (£1 billion) spread over the next few quarters.

BP Chief Executive Officer Bernard Looney, who took over in February, had laid out plans in June to cut costs and “reinvent” the business for a low carbon future.

The coronavirus pandemic led to both sharp drops in oil and gas prices and weak fuel demand, which continues to weigh on refining profit margins, with BP refineries operating at 80% of capacity.

BP did not immediately respond to Reuters request for comment.

(Reporting by Rebekah Mathew in Bengaluru; Editing by Vinay Dwivedi)

No comments

More Popular Posts

About Crude Oil Facilitators

Crude Oil Facilitators are dedicated global brokers and facilitators of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Facilitators, click here ». To learn more about Crude Oil Facilitators, click here

Crude Oil Facilitators