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BP move to protect CEO Dudley from US sanctions violation on Iran

New panel headed by its CFO Brian Gilvary, a British national, to explore business with Tehran

Published: Updated:

One of the world’s top oil companies BP, looking for new business opportunity in Iran, but at the same time seeking to ‘avoid potential violations of US sanctions still in place,’ is seeking to protect its American chief executive Bob Dudley, from any fallout.

In an exclusive report, Reuters says the company has created a new executive committee headed by BP's chief financial officer Brian Gilvary, who is a British national, to explore business in Iran.

Quoting industry sources, the report says that Gilvary will coordinate company’s operations in Iran and any talks with the country's national oil company.

This will exclude Dudley in a bid to avoid potential violations of US sanctions still in place.

Donald Trump’s win in the US presidential elections, has upped the ante with regard to Tehran’s bid to revive its economy by luring foreign investment.

Tehran has found the going difficult in securing oil contracts due to lack of clarity, bank finance constraints due to continued US sanctions, the oil companies’ own budget shortfalls due to depressed prices, keeping “most firms on the sidelines,” says the report.