NEWS COMMENTARY

BP decides to follow the car; sells petrochemicals business to Ineos for $5 billion

Published:
July 02, 2020
Coverage:
Owning the Energy Transition
Activities:
Strategy
by Yuan-Sheng Yu
Very important

Last year, Lux presented three key strategies oil and gas companies can take in the evolving energy landscape – sticking to the barrel, following the car, and electrifying the future. With the divestment of its petrochemicals business, it appears that BP is in the first step of its evolution. While interest in petrochemicals has grown in recent years among oil companies, BP may be looking to follow the second strategy and become a key provider of energy for transportation. In the past two years, BP has made investments in EV charging stations and hubs in China. It also continues with its biofuels activity, first-generation and advanced. We expect more oil and gas companies to commit to one of the three strategies in the coming years.

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