Oil giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

OIL giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

Oil giant BP is facing a wave of protests as it holds its annual general meeting in London days before the first anniversary of the Gulf of Mexico disaster.

BP has not paid its chief executive a bonus in the wake of the Gulf of Mexico oil spill, its annual report revealed today, but two senior directors will receive combined payouts worth nearly £700,000 (€817,117) on top of their regular salaries.

Beleaguered oil giant BP agreed to pay a record $50.6m fine for safety failings at its Texas City oil refinery after a 2005 explosion which killed 15 workers.

Oil giant BP unveiled its second biofuel venture of the week today as it pledged to invest in the production of more sustainable biodiesel.

The BP executive in charge of the Texas City refinery hit by a fatal blast two years ago is to step down at the end of August, the oil giant said today.

BP boss Lord Browne ended intense speculation over his future today and said he will leave the oil giant at the end of 2008.

BP chief executive Lord Browne is expected to use his company’s second quarter earnings presentation today to confirm plans to stand down in 2008.

Oil giant BP has appointed Tom McKillop, chief executive of drugs group AstraZeneca, as a non-executive director.