BP chief sails into fresh storm in US after taking time out for yacht race

 By Angus Howarth

EMBATTLED BP chief executive Tony Hayward is at the centre of a new controversy after he went sailing in the face of mounting criticism that he is not doing enough to control the oil spill disaster in the Gulf of Mexico.

• Tony Hayward's yacht, Bob, one of the 1,754 vessels taking part in the 50-mile race round the Isle of Wight on Saturday. Picture: PA

Video: Shelby: Hayward Must Go CBS

BP boss tries to get his life back, but sails into another storm‎ - Sydney Morning Herald 
Critics Knock Wind Out Of BP Chief's Sails‎ - Sky News

The White House led the hostile comment after Mr Hayward spent time relaxing on the Isle of Wight at the JP Morgan Asset Management Round the Island Race.

The crisis that followed the blast on the Deepwater Horizon well, which killed 11 workers, has seen millions of gallons of oil continuing to threaten the Gulf Coast. It is America's worst environmental disaster and has led to tensions between the United States administration and BP. President Barack Obama's chief of staff, Rahm Emanuel, said Mr Hayward had committed yet another in a "long line of PR gaffes" by attending the race while the disaster continued.

He also mocked Mr Hayward's notorious statement on Facebook that he wished the crisis was over so he could have his life back.

Referring to the yachting, Mr Emanuel said: "He's got his life back, as he would say."

He added that the focus should stay on capping the leaking well and helping the people of the Gulf region.

Charlie Kronick, of Greenpeace, was also angry and said Mr Hayward's actions were "rubbing salt into the wounds" of people whose communities have been affected by the catastrophe.

A BP spokeswoman said: "We wouldn't dream of commenting on what the chief executive does in his rare moments of private time." She added he was spending some time with his son.

It is understood Mr Hayward has spent much of the eight weeks since the accident in the US.

BP officials also insisted Mr Hayward was still in charge of the operation to control the spill, amid confusion over his role.

On Friday, company chairman Carl-Henric Svanberg said Mr Hayward had been relieved of day-to-day control of the spill and that BP managing director Bob Dudley would take over.

However, other officials insisted Mr Hayward remained in charge of the operation.

Shadow foreign secretary David Miliband said Mr Hayward's position did not mean he should not be able to spend a day with his son.

But he added: "Does it mean that he does have to lead the company to deal with this fundamental issue that threatens the whole future of the economy? Yes, it does."

Oil giant 'plans to raise $50bn' to help pay for oil spill clean-up

EMBATTLED BP is understood to be working on plans to raise $50 billion (£33.76bn) to cover the cost of the Gulf of Mexico oil spill – more than double the amount previously thought.

Directors at the oil group are said to have approved a scheme last week to raise the money in a bid to ensure they have enough reserves to cover any claims as a result of the disaster.

The figure is more than double the $20bn the group has already agreed to pay into a compensation fund for those affected by the spill, although analysts have warned the final cost of the disaster could be as much as $100bn.

BP is expected to start raising the cash as early as next week through a $10bn bond sale.

It is also understood to be in talks with banks to raise a further $20bn through loans, with another $20bn to be raised through asset sales during the coming two years.

BP has already scrapped shareholder dividends until the end of the year to help pay for the clean-up operation.

The company pointed out that chairman Carl-Henric Svanberg had said last week that the company needed to have "an unusually strong cash position".

The group is reported to be preparing to take legal action against one of its partners, Anadarko Petroleum, after it said it would not cover any of the cost of the clean-up.

BP owns 65 per cent of the ruptured Deepwater Horizon well, while Anadarko has a 25 per cent stake.

Anadarko's chairman and chief executive Jim Hackett said BP's actions probably amounted to "gross negligence or willful misconduct" and that it should foot the whole damage bill.