BP Plans to Press Suppliers to Lower Their Prices, FT Reports

By Jonathan Browning

Feb. 9 (Bloomberg) -- BP Plc is meeting with key suppliers to ask for price cuts reflecting the drop in the price of oil, the Financial Times reported citing Andrew Inglis, BP’s head of exploration and production.

While existing contracts will not be changed, BP is trying to renegotiate contracts that are coming up for renewal and drive down the cost of new projects in the Gulf of Mexico, Egypt and Angola, the newspaper said.

To contact the reporter on this story: Jonathan Browning in London jbrowning9@bloomberg.net.