BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by。
BP forms offshore wind JV with Japans JERA in renewables retreat BPs retreat from offshore wind reflects a similar trend at rivals Shell and Equinor, which are trying to boost near-term。
The tie-up with Jera will mean BP’s spending on offshore wind will drop sharply from previously anticipated investment of $10bn (£7.8bn) between 2023 and 2030.
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