European oil giants step back from renewables path
- peregrinex547
- Nov 18, 2024
- 1 min read
Almost five years ago, BP (BP.L), opens new tab embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power.
The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.
Rivals Shell (SHEL.L), opens new tab and Norway’s state-controlled Equinor (EQNR.OL), opens new tab are also scaling back energy transition plans set out earlier this decade.
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