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June 15th, 2020:

Bloomberg: BP to write off $17.5bn from value of its business

British oil major predicts that the coronavirus pandemic will hurt long-term demand

BLOOMBERG: 15 JUNE 2020

BP will write down the value of its business by as much as $17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.

The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.

It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new chief executive officer Bernard Looney. Shares fell 5 per cent to 307 pence as of 8.15am in London. read more

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