(Bloomberg) — BP Plc 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% to 307 pence as of 8:15 a.m. in London.“BP now sees the …read more
Source:: Yahoo Finance
