LONDON, July 24 (UPI) -- The head of London-based BP plans to announce his resignation Tuesday, four days after a death at its Texas City, Texas, plant and amid other safety concerns.
The Financial Times reports Chief Executive Lord Browne will make the announcement Tuesday that he will retire in 2008 at age 60.
Until then the London-based company will look for a replacement to run the world's second-largest oil company, and give Browne time to steer BP through growing legal and public relations issues.
A contractor was killed at the Texas plant Friday, bringing much production there to a stop.
The Wall Street Journal reports it is the same plant where 15 contractors were killed in a March 2005 explosion and where numerous safety violations took place, resulting in $21.4 million in fines.
In March 2006, the biggest oil spill ever leaked from BP's Prudhoe Bay, Alaska oil field, the Financial Times reported.
A criminal investigation and grand jury inquiry is ongoing.
BP has been accused by U.S. officials of fraud in the propane gas market in 2004 and last year's Hurricane Dennis wracked a Gulf of Mexico platform so bad production may not begin until next year.
Bob Malone, recently hired to head BP's U.S. arm, said he is reviewing all concerns, including the recent death.
"I am not going to say it was a string of bad luck. If we have to further enhance our safety value system we will," Malone told the newspaper.
