BP to Close Low-Carbon Unit, Refocus on Oil and Gas
(Reuters) -BP <BP.L> would shut its low-carbon mobility unit, marking the energy major's latest retreat from its five-year-old attempt to diversify away from oil and gas, the Financial Times reported on Thursday.
The oil major laid down a strategy reset in February, under which it is upping its oil and gas spend to $10 billion annually and targeting a $20 billion disposal program through 2027.
The unit, responsible for developing electric, hydrogen and other low-emission solutions for vehicles, will be phased out and closed, the report added.
BP did not immediately respond to a Reuters request for comment.
The latest development comes days after the head of BP's electric vehicle charging business, BP Pulse, left the company. It also recently disclosed plans to sell its Austrian EV business.
(Reporting by Yamini Kalia in Bengaluru; Editing by Vijay Kishore)
