BP to take hit of up to $5bn on green energy as it refocuses on fossil fuels

Energy company also under pressure from worse oil trading performance and weaker oil pricesBusiness live – latest updatesBP has said it expects to write down the value of its struggling green energy business by as much as $5bn (£3.7bn), as it refocuses on fossil fuels under its new chair Albert Manifold.The oil company said the writedowns were mostly related to its gas and low-carbon energy divisions in its “transition businesses”, but added that wiping between $4bn and $5bn off their value would not affect its underlying profits when it reports its full-year results in February. Continue reading...