Investing.com — BP has agreed to sell minority interests in more than 10 companies within its ventures arm portfolio to investment firm Verdane, the company said Wednesday.
The sale comes as CEO Meg O’Neill, who took the top position in April, outlined earlier this month that BP needs to focus on financial discipline through portfolio simplification, cost reductions and tighter capital spending. The company is shifting its focus back to core oil and gas investments.
BP will maintain interests in a small number of investments, the company said. The price of the transaction was not disclosed.
BP Ventures, which launched in 2007, held 27 companies in its portfolio according to its website before the announcement. The portfolio included projects in artificial intelligence, electric vehicles and hydrogen sectors.
The British oil major previously attempted to expand into renewables before announcing a strategy change last year.
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