Two decades ago, BP dropped the ‘British’ from its name and re-branded itself as Beyond Petroleum, in a multi-million pound marketing exercise.
The word ‘British’ may then have seemed redolent of a bygone era in the company’s history, with unwelcome imperialist associations.But the name change also reflected the company’s dwindling presence in its home country and in the North Sea, where it had once been a huge player.
By the early years of this century, BP’s bosses were more interested in other markets, including Russia, where the company eventually acquired a 20 per cent stake in Kremlin-backed oil giant Rosneft.
Times have changed. What once looked like a lucrative, if risky, Russian investment now resembles an albatross. BP has promised to sever ties with Rosneft, though it is not clear how this will be achieved.
The big return to Britain pre-dates the invasion of Ukraine and is driven by the desire to become a clean energy player, rather than a response to the war.
Recent events, though, can only serve to underline the importance of reducing dependence on fossil fuels, and the likes of Putin, for our energy.
Having once viewed the UK as a sunset market, BP is planning to invest £10billion into windpower, hydrogen and other green energy ventures. Its familiar petrol station forecourts will host tens of thousands of electric vehicle charging points.
Bernard Looney, the chief executive, has vowed to invest £2 this decade for every £1 the company makes in the UK.
‘We are a UK company and we are betting on Britain,’ says Louise Kingham, head of BP’s UK business. ‘We want to showcase low carbon in the UK because it is our home and from an economic point of view, in terms of creating value.’ This Is Money - link - the excellent Ruth Sunderland - link - picture - link - more like this - link
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