BP agrees to sell wild wind energy work in America

BP has agreed to sell its work in the field of wild wind energy in the United States to LS Power, as part of its constant efforts to return to focus on basic oil and gas activities, and compensation for years of poor performance of the company’s share in the markets. The agreement is a continuation of the exit of the energy giant in the United Kingdom from the electricity generation sector, where the ownership of ten assets spread over seven US states is transferred, according to a statement. The value of the agreement was not announced, but BP said it would reveal the revenue of exit when the results of the second quarter of the year were announced at the beginning of next month. BP shares rose 1.8% to 404 people (4.04 pounds) at 09:08 in London time. As for “LS Power”, it is a private company (not listed on the stock exchange) based in New York, and works in the development of energy projects, financing, industry and maintenance. The PBB transformation plan and a return to oil and gas CEO of BP Murray Ocenklos seeks to show progress in implementing the transformation plan announced in February, which includes a return to increased oil and gas production, and the resignation of $ 20 billion is withdrawal. The BP shares have continued the declining performance compared to most of its competitors this year, while the large oil company is facing increasing pressure from the active investment fund, Elliott Investment Management. In emphasizing the rationalization and strategic focus, CEO William Lynn said in the statement: “We were clear that low carbon energy will remain part of the” BB “that seeks to be a simpler and more focused business, but we will continue to rationalize and improve our investment portfolio with intent to improve.” “The wild wind sector in the United States has excellent assets and distinctive cadres, but we have come that we are no longer the most suitable party to lead his future career.” The BP’s exit plan aims to reduce debt and improve the financial situation of the business. Castrol, which specializes in lubricating oil, is one of the most important assets that BP wants to leave, amid estimates that the value of the transaction according to analysts varies between $ 8 to 10 billion. Additional assets offered and “BP” want to sell the “Gilzenchen” refinery in Germany, as well as an interest in the solar unit and its batteries, “Lightsource BP”. “Every progress made by” BB “to achieve its goals, including the exit of small assets, is a positive step, but it may not be sufficient to persuade investors who were not convinced by the declared transformation plan in February,” said Allen -Good, an analyst at Morningstar. “It may require more cost reduction, reduce capital expenditure and sell additional assets to attract market attention.” The US wild wind unit assessed the ‘UPS’ group of the institutional value of the BP Wild Wind Energy Unit in the United States with between 1.5 and $ 2 billion, “although part of it is not now included in the public budget.” BP reported that the assets to sell have a total capacity to generate electricity of about 1.7 GB. The BP’s exit from the wind energy sector comes after it entered the marine Windveld under the leadership of former CEO Bernard Loni in 2020. The company separated its global marine wind energy from the rest of its work late last year.