BP has become the latest western oil company to pull out of China, selling off its 50% investment in the Secco petrochemicals plant near Shanghai.
Amid dwindling oil prices, analysts said the region is “awash” with petrochemical supplies. BP’s shares were up 1% on morning trade reports Reuters.
It comes as thousands take to the streets in eastern China over a new nuclear plant and the world’s largest energy consumer starts to slow its coal, oil and gas imports, according to data in July reported in Bloomberg.
But at the same time, state-run Chinese company is pursuing a major energy deal in Brazil, according to the Wall Street Journal.
Meanwhile the World Coal Association is lobbying new UK business secretary Greg Clark to do an urgent think on the government’s decision to abandon a billion pound competition to support the development of carbon capture technology on coal plants.
“With a fresh pair of eyes in government, there is an opportunity for the UK to take another look at the issue,” said Benjamin Sporton, chief executive of the industry group – which represents mining giants such as Glencore and Anglo American – in a letter reported by the FT.
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