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Back to petroleum? Oil majors aren't buying into threat from renewables

BP might be more aptly branded "Back to Petroleum" after exiting or scaling back its renewable energy investments

Reuters  |  Houston/London 

Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun. That transformation - marketed as "Beyond Petroleum" - led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands. Today, BP might be more aptly branded "Back to Petroleum" after exiting or scaling back its renewable energy investments. Lower-cost Chinese components upended ...

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First Published: Wed, November 08 2017. 13:02 IST
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