BP Canada oil plan faces shareholder vote

Source: BBC

Oil giant BP is facing a rebellion from major shareholders over financial and environmental concerns connected to its project in Canada's oil sand reserves. Some 140 institutional and individual investors are expected to back a resolution at the firm's London AGM calling for a review of the plans.

However the vote is opposed by BP's board and is not expected to be passed.

BP says action has been taken to mitigate some of the harmful effects and emissions from the joint venture. The company says the extraction process used in the Sunrise project with Canada's Husky Energy is less damaging than traditional methods and it has been open about its intentions.

The vast oil sands in north-eastern Alberta have the largest known oil reserves in the world outside of Saudi Arabia, in the form of Bitumen. Environmental campaigners say the extraction process is an energy intensive business, resulting in high levels of carbon emissions.

Read more: http://news.bbc.co.uk/2/hi/business/8621366.stm