BP PLC (NYSE: BP) the company whose slogan is "Beyond Petroleum," announced last week that it plans to sell its renewable energy assets in solar, wind and biofuels to refocus on the oil business. The company’s renewable energy assets are estimated to be worth $6.9 billion.
BP chief executive Tony Hayward said the company will concentrate on increasing oil production and improving results within its refining and marketing division.
AHN reported that Hayward suggested the company is under pressure to raise revenues to offset the billions of dollars it has invested in renewable energy and fuel options.
"We intend to grow this business predominantly for its equity value," Hayward said.
The AHN report said that BP had been under pressure to retain its alternative energy business, even at a loss, due to pressure from the government concerning environmental issues.
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