Statoil head seeks new platform

THE former president of BP's Brazilian business, Richard Hubbard, has resigned as head of international exploration at Norway's Statoil after police charged the group in relation to a $15m (£9.4m) consultancy contract for aid on business opportunities in Iran.

Statoil said the end of the contract with London-based entrepreneur Abbas Yazdi would not affect its Iranian strategy. Last year, Statoil agreed to invest $300m in an Iranian natural gas field.