BP Denies It Acted Improperly in Senegal Gas Deal
June 03 2019 - 11:06AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) has denied that it acted improperly with regards
to the acquisition of its interests in Senegal after the BBC
reported that the company is to pay billions for a suspicious gas
deal in the country.
On Monday, U.K. broadcaster BBC reported that the British
oil-and-gas company will pay around $10 billion in royalties to a
company owned by Frank Timis for a stake in a gas field for which
BP paid $250 million in 2017.
BBC Panorama and Africa Eye reported that the deal in which Mr.
Timis's company secured the blocks was "suspicious." In a statement
published on the BBC's website, Mr. Timis responded to the
allegations by saying they were entirely false and baseless.
BP said it rejected any implication that it acted improperly.
The company said it had conducted extensive and appropriate due
diligence, including in the areas of ethics, compliance and
anticorruption.
The full broadcast of the investigation, The $10 Billion Energy
Scandal, is set to air on June 3 at 1930 GMT.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 03, 2019 10:51 ET (14:51 GMT)
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