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BP plc : BP tanker drivers begin strike at Petroineos refinery

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02/22/2013 | 12:34pm CEST

BP tanker drivers have begun a three-day strike at Petroineos's Grangemouth refinery in Scotland over a plan to transfer some of them to another employer, which would affect their pensions and pay.

Some 42 members of trade union Unite are striking over Air BP's decision to award a contract to express delivery company DHL to take over the transport of fuel to Scottish airports such as Edinburgh, Glasgow and Aberdeen.

The switch will entail the transfer of 15 BP employees on an aviation distribution contract to DHL in March, a BP spokesman said.

The strike began at 0400 GMT on Friday and will go on until 0800 GMT on Monday, Unite said.

"Two thirds of the workforce affected stand to lose up to 1,500 pounds ($2,300) a year on their salary because they're losing a share-match scheme that BP introduced last year as opposed to a pay rise," a Unite spokesman said in an interview by phone from the picket line.

He added that one third of the staff on the aviation contract will lose up to 13,000 pounds a year per person from their pensions.

"The dispute has been rumbling on since last year, when BP offered the share-match scheme instead of a percentage pay rise," he said.

BP said that contingency plans had been put in place to try to minimize disruption to fuel deliveries.

"We've been sending deliveries using other drivers to ensure there is continuity of supply to airports and retail forecourts," the BP spokesman said. "We believe stocks are at a good level."

($1 = 0.6555 British pounds)

(Reporting by Claire Milhench; editing by Jane Baird)

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Financials ($)
Sales 2017 229 B
EBIT 2017 10 775 M
Net income 2017 5 424 M
Debt 2017 38 426 M
Yield 2017 6,06%
P/E ratio 2017 22,86
P/E ratio 2018 17,11
EV / Sales 2017 0,73x
EV / Sales 2018 0,70x
Capitalization 129 B
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 27
Average target price 6,52 $
Spread / Average Target 0,75%
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NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Paul Milton Anderson Independent Non-Executive Director
Ian Edward Lamert Davis Independent Non-Executive Director
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