BP PLC is deferring the start of part of its $3.8 billion modernization project at its Whiting Refinery until mid-2013, a company executive said Tuesday. The project was expected to be completed in late 2012.
Iain Conn, chief executive of BP’s refining and marketing division, did not provide a reason for the delay during the company’s conference call after releasing of its fourth-quarter and full-year financial performance.
BP posted a full year loss in 2010 of $3.7 billion, compared to a $16.6 billion profit in 2009.
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