Thursday August 17, 2006

Investors sue BP execs over Alaska shutdown

news.yahoo.com :

Shareholders have filed a lawsuit against top executives of BP, accusing them of letting down investors by failing to repair a pipeline that forced a shutdown of part of the Alaskan Prudhoe Bay oilfield.

The lawsuit, led by investor Sue Pincus to benefit all BP shareholders, alleges the company, its executive directors and board members "allowed one of BP's prized assets" - the Prudhoe Bay oil field - to decay to the point that it was forced to shut operations in the eastern half. "Defendants became aware of the problem of corrosion in the pipeline years ago, but took no substantial steps to remedy the situation," the lawsuit said.

See also :

1. Major Alaskan oil field shutting down
2. BP sees Alaska repairs costing $100 million
3. BP's Prudhoe Bay a "giant water field"

(2006-08-17 06:33:12 SGT) [Energy] Permalink

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