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BP downstream chief Erginbilgic to leave company

February 11/2020

MOSCOW (MRC) -- BP downstream CEO Tufan Erginbilgic is to leave the company, the UK oil and gas major said Friday, in an early change at the top after new CEO Bernard Looney took up his post last week, reported S&P Global.

BP did not name a replacement, saying in a statement that Erginbilgic had "decided to leave the company" at the end of March 2020 and that a successor would be announced separately.

Looney praised the outgoing executive's record and BP said Erginbilgic had delivered over USD5 billion in underlying annual earnings growth since taking up the role in 2014.

"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. "He has transformed the business, leading a team that has delivered impressive results time and again. I have always appreciated his strategic thinking, expertise and understanding of the business and will miss having him on the team."

Erginbilgic, who has been with BP since 1997, said he was "very proud of what we have achieved together in the downstream. We have gone through an incredible transformation, delivered against our clear strategy and built a strong platform for continued growth."

BP reported sharply weaker adjusted earnings in its downstream segment in the fourth quarter, and noted ongoing tough conditions in the current quarter.

Looney is due to set out some of his goals at an event with journalists on February 12.

As MRC reported before, in September 2019, six world's major petrochemical companies in Flanders, Belgium, North Rhine-Westphalia, Germany, and the Netherlands (Trilateral Region) announced the creation of a consortium to jointly investigate how naphtha or gas steam crackers could be operated using renewable electricity instead of fossil fuels. The Cracker of the Future consortium, which includes BASF, Borealis, BP, LyondellBasell, SABIC and Total, aims to produce base chemicals while also significantly reducing carbon emissions. The companies agreed to invest in R&D and knowledge sharing as they assess the possibility of transitioning their base chemical production to renewable electricity.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

BP is one of the world's leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.
Author:Margaret Volkova
Tags:Europe, PP, PE, crude and gaz condensate, PP random copolymer, propylene, ethylene, petrochemistry, BASF, Borealis, BP Plc, LyondellBasell, Sabic, Total Petrochemicals, Russia.
Category:General News
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