logo
BP energy shift: Oil giant to sell US onshore wind assets to LS Power, trims $5 bn from clean push

BP energy shift: Oil giant to sell US onshore wind assets to LS Power, trims $5 bn from clean push

Time of India6 days ago
BP has announced it will sell its entire onshore wind energy business in the United States to American firm LS Power, marking a major step in its shift away from renewables and back toward oil and gas.
Tired of too many ads? go ad free now
The sale includes 10 operational wind assets, though the deal value was not disclosed.
'The onshore US wind business has great assets and fantastic people but we have concluded we are no longer the best owners to take it forward,' said William Lin, BP's executive vice president for gas and low carbon energy, quoted AFP.
Lin added that low-carbon energy will continue to have a place in BP's simplified and more focused business model, but the company would keep rationalising its portfolio to create more value.
LS Power CEO Paul Segal said the acquisition, expected to close by the end of 2025, would 'help to meet growing energy demand across the US.'
The move comes after BP, once seen as an industry leader in climate goals, reversed course in February by scaling back its emissions reduction targets and slashing its clean energy investments. It is now prioritising higher returns from oil and gas, under investor pressure to improve its share performance.
As part of the revised strategy, BP plans to cut over $5 billion annually from clean energy spending and divest $20 billion in assets by 2027.
BP's rival Shell has similarly pared back its climate ambitions in recent months.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Irish watchdog threatens Elon Musk's X over adult content controls
Irish watchdog threatens Elon Musk's X over adult content controls

Time of India

time29 minutes ago

  • Time of India

Irish watchdog threatens Elon Musk's X over adult content controls

Academy Empower your mind, elevate your skills Ireland's media watchdog, acting on behalf of the EU, has warned Elon Musk 's social network X that it must enact rules to restrict children's access to adult content by Friday or "face action".The regulator, Coimisiun na Mean, is tasked by the European Union with overseeing compliance by tech giants including X, Meta and TikTok , which all have European headquarters in the Irish authority formally adopted an Online Safety Code in October -- following consultation with the European Commission -- introducing binding rules to protect EU users of video-sharing platforms from harmful were given nine months before the more detailed provisions of the code came into force to allow time for any IT changes that may have been rules, which came into force this week, included an obligation for video-sharing platforms that allow pornography to use effective age assurance to ensure that children are not normally able to access also prohibit the uploading of content such as cyberbullying, the promotion of self-harm, suicide, eating disorders or dangerous challenges, as well as pornography and all the platforms based in Ireland, X is the only one that allows a statement sent to AFP on Thursday, the regulator said that X, formerly Twitter, has not so far complied with the an initial review, the watchdog said it "cannot see any evidence of measures taken to comply with the age assurance requirement"."Non-compliance is a serious matter which can lead to sanctions including significant financial penalties," it said.X did not immediately reply to an AFP request for to the code, breaches carry fines of up to 10 percent of a platform's annual turnover or up to 20 million euros ($23.5 million) -- whichever is regulator also said on Thursday it had "further concerns" about X's compliance with some of the other rules "including but not limited to, the availability of parental controls".It said it "will take further action" if X does not provide evidence of compliance with the code by also said it is continuing to review the compliance of other designated video-sharing platforms to assess their compliance "and will take any further supervisory, investigative or enforcement action required".

Trump says countries will face tariffs ranging from 15% to 50%
Trump says countries will face tariffs ranging from 15% to 50%

Hindustan Times

timean hour ago

  • Hindustan Times

Trump says countries will face tariffs ranging from 15% to 50%

US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. US President Donald Trump at the Oval Office on July 22, 2025. (REUTERS/Kent Nishimura)(REUTERS) 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreements before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said.

Saudi Pro League: Foreign company buys stake in Al Kholood Club - a first in the kingdom
Saudi Pro League: Foreign company buys stake in Al Kholood Club - a first in the kingdom

Time of India

timean hour ago

  • Time of India

Saudi Pro League: Foreign company buys stake in Al Kholood Club - a first in the kingdom

Players from Al Kholood, a football club in Saudi Pro League. (Image: X/SPL) Saudi Arabia announced the privatisation of three football clubs in the Saudi Pro League on Thursday, with American-led Harburg Group becoming the first foreign company to acquire a Saudi club through its 100% purchase of Al Kholood Club. This development is part of the country's Vision 2030 reform initiative aimed at diversifying the oil-dependent economy. "The Harburg Group has officially completed the 100 percent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatisation initiative of Saudi Vision 2030," the group, led by Ben Harburg, stated. The sports ministry confirmed the broader privatisation effort in a separate announcement: "The first three Saudi sports clubs have been privatised through a public offering — Al Ansar, Al Kholood, and Al Zulfi — with their ownership transferred to investment entities." Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! Al Kholood, which finished ninth in the 18-team Saudi Pro League last season, joins Harburg Group's portfolio alongside their 6.5 percent stake in Spanish second-division club Cadiz. Saudi Arabia has transformed its football landscape since late 2022, attracting high-profile players like Cristiano Ronaldo and Karim Benzema to compete in the Saudi Pro League. The kingdom's football ambitions extend beyond club ownership, as they prepare to host the 2034 FIFA World Cup. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo The Saudi football initiative has drawn parallels with the Chinese Super League's previous strategy of importing players with substantial salaries, which eventually faltered due to economic challenges. Sports play a crucial role in Vision 2030, overseen by Crown Prince Mohammed bin Salman , as Saudi Arabia positions itself as a tourism and business destination before global oil demand declines. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here. Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store