BHP ‘considering exit from oil’ amid backlash against fossil fuels
The world’s biggest mining group is said to be considering getting out of oil production as investors turn against fossil fuels.
BHP is reviewing options for its oil business including a trade sale, Bloomberg reported, adding that discussions were at an early stage. The division could be worth more than $14 billion, RBC Capital Markets analysts said. An exit from oil by the Anglo-Australian group would mark a strategic shift for BHP, which has long defended retaining the business despite scepticism from investors. Shares in the company rose by 1.9 per cent yesterday.
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