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07/31/2008 08:43 AM
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BP Reverses Decision To Get Out of Renewables
SustainableBusiness.com News
BP (NYSE: BP) the world's third largest oil company has decided not to spin off its investments in renewable interests, according to a report by the Cleantech Group.
CEO Tony Hayward said during the company's quarterly conference cal that "we are creating value in Alternative Energy. These businesses are increasingly economic without subsidy and we will continue to provide visibility on our investments and the value that's being created."
In February of this year the company announced it would sell off its renewable energy assets in solar, wind and biofuels, worth an estimated $6.9 billion, to refocus on the oil business.
