BP to sell more refineries and sharpen focus on retail outlets

30 Mar 2017   United Kingdom

 BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernizing existing operations while expanding its network of filling stations to generate $3 billion in additional cash. The group’s head of refining told Reuters that even though BP’s output was set to spike in the next five years as new fields become operational, its attitude to refining remains more cautious. “Are we going to invest in more green field refining in BP? Probably not,” said Tufan Erginbilgic, who has worked in refining since 1990. Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the industry’s problem child, having to grapple with weak and volatile profit margins as well as competition from modern refineries built in China, India […]

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