BP forms special division for alternative energy business
World energy giant BP Group announced Thursday in Beijing that it would double its investment in alternative and renewable energy development in upcoming decade.
To attain the goal, the group will set up a new division for developing low-carbon power business with an estimated annual profits of 6 billion US dollars.
The new division, BP Alternative Energy, will invest 8 billion US dollars in solar, wind, hydrogen and combined-cycle-gas-turbine (CCGT) power generation in next 10 years.
The move is considered to stem from the success of BP's solar business, which expects to gain profits of 1 billion US dollars by 2008.
"Consistent with our strategy, we are determined to add to the choice of available energies for a world concerned about the environment, and we believe we can do so in a way that will yield robust returns," said BP chief executive Lord Browne.
Browne said the first phase of investment would total some 1.8 billion US dollars over the next three years, spreading in broadly equal proportions among solar, wind, hydrogen and CCGT power generation.
Investment will be made step by step, and will depend on the nature of opportunities and their profitability, he said.
BP Alternative Energy will be based in Sunbury and Middlesex and initially employ some 2,500 people around the world. It will be headed by Steve Westwell.
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