BP US CEO Bob Dudley stands back from special Iranian task force

BP has formed a special task force to study the investment potential of the Iranian  oil industry in the post-sanctions era – but, in an attempt to mitigate the risk of the US sticking to its ban on any American involvement in the Islamic Republic, the team is to be headed by its UK-born CFO Brian Gilvary rather than US national CEO Bob Dudley.
Sanctions preventing U.S. companies from dealing with Iran remain in place, despite the deal struck over its nuclear programme in January this year, and the victory of  Donald Trump –  who has publicly criticised that deal  – in the presidential elections has  only added to  the uncertainty over Tehran’s push  to attract  foreign investment  as it seeks to revive its economy.
Gilvary’s team will include fellow Briton Rupert Bond, Ireland’s Bernard Looney and Indian national Dev Sanyal and will coordinate the oil major’s operations in the country,  as well as leading  any discussions with NIOC,  the country’s national oil company.
The formation of the BP task force follows recent reports that other oil  majors including France’s Total and Norway’s DNO have already  cemented their foothold in the Iranian market through development deals; and the exclusion of Dudley from the initiative merely highlights the lengths to which multinationals will go to exploit lucrative new business  opportunities in Iran.

Source: presstv