BP exits $55b Australian green mega-project
Oil major cites strategy reset as it walks away from Australian Renewable Energy Hub, leaving partner InterContinental Energy to lead one of world’s largest green hydrogen projects
BP has withdrawn from the $55b Australian Renewable Energy Hub (AREH) mega-project in the Pilbara region, in a blow to Western Australia’s green hydrogen ambitions. The oil major is the operator and biggest shareholder in AREH, one of the world’s largest projects, with a 63.57% take, alongside developer InterContinental Energy with a 26.39% holding and Serbia-based CWP Global with a 10% interest. BP said its exit from the project—which envisages green hydrogen production of 1.6mt/yr with 26GW of renewable power capacity – reflects it recent change in strategy. The company, which is under pressure to boost profitability by selling assets and to prop up its sliding share price, announced in Fe
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