More bad new for BP: It has admitted the Baku-Ceyhan oil pipeline will cost 30 per cent more than first expected. David Woodward, head of BP Azerbaijan, said yesterday the 1,768 km (1,099 mile) pipeline would cost $3.9bn (£2.18bn) rather than $2.95bn.

Although that is bad news – you just wait until the company starts experiencing corrosion problems on this pipeline. It will make its Alaska problems seem insignificant. Or so the rumour goes…