BP boss warns against Scottish independence
BP CHIEF Bob Dudley yesterday warned that Scottish independence would cause uncertainties for Britain’s oil and gas industry, ahead business secretary Vince Cable’s grilling from MPs on the issue today.
Dudley said that there were “big uncertainties” surrounding a Scottish currency and that the FTSE 100 oil giant’s overheads would rise if Scotland left the UK. “We have a lot of people and assets there,” he said. “Independence would add on a new set of costs for us. I think Britain is great and it would not be the right thing for [Scotland] to drift off.”
“Dudley has made clear that the unanswered questions arising from the SNP’s desire to see Scotland leave the UK are a cause of significant concern to his business – and will be a concern to thousands of other businesses,” said Scottish Labour’s shadow energy minister Tom Greatrex.
A select committee is questioning Vince Cable today on the implications of Scottish independence on business.
Dudley also spoke out in support of UK shale gas exploration, although he said that BP would not be tapping into the market. He made an association between low gas and electricity prices in the US, and high gas and electricity prices in Europe, at a time when rising energy bills are at the top of the political agenda in the UK. BP’s fourth-quarter results yesterday showed a 27 per cent fall in income. Shares closed at 473.8p, up 0.04 per cent.