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.

Board directors of oil giant BP knew about the link between spending cuts and poor maintenance at its Texas City oil refinery a year and a half before the fatal accident which killed 15 workers, it was reported today.

Energy giant BP today announced the sale of its last refinery in the UK.

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.