Directors of BP were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company’s acting chief executive, as its permanent boss.

Sky News can reveal that the FTSE-100 oil major’s board has gathered at a central London hotel to agree the details of Mr Auchincloss’s appointment as the successor to Bernard Looney.

The decision is likely to be announced later on Tuesday or before the London stock market opens on Wednesday morning.

If confirmed, it will prolong BP’s record of never having appointed an outsider to its top executive job.

Mr Auchincloss has served on the company’s board for about four years, having been appointed as finance chief under Mr Looney.

BP declined to comment.

This breaking news story is being updated and more details will be published shortly.

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