BP's Svanberg Confident Despite Spill
BP's Swedish chairman, Carl-Henric Svanberg, tells newspaper Dagens Industri that "we'll take care of everything" in the wake of the catastrophic oil spill off the American Gulf coast. The former chief executive of Ericsson has been rather reticent in the six weeks since the spill began, but says he's confident that BP's reputation will be restored, albeit over a long period of time.
"We will be good citizens and will re-establish our former trust, but it'll take a long time and be a difficult job," he told the newspaper.
The so-called Deepwater Horizon oil spill has caused BP's stocks to tumble, leading several credit agencies to downgrade their scores. But Svanberg doesn't see a stop to drilling in the Gulf of Mexico.
"It's an important area for the world's oil production. If it's closed off, prices will go up," he said.