In the broader industry context, it is indicative of the overall retreat of Big Oil from business ventures that do not yield the expected profits, even with the subsidies that governments are willing to shower over businesses involved in wind and solar. “We have been clear that while low carbon energy has a role to play in a simpler, more focused bp, we will continue to rationalize and optimize our portfolio to generate value.” BP’s vice president for gas and low-carbon energy, William Lin said in comments on the news of the divestment. Indeed, BP has been clear that it is going back to what it does best and what makes it money, especially at a time of rife speculation in the media that the company should put itself up for sale and let Shell buy it because that’s the tie-up that makes the most sense.
Author: Irina Slav
Published at: 2025-07-21 22:00:00
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